(UNDATED) - A new report out says that by year's end, China will top the United States and have the world's largest economy.
University of Indianapolis economist Dr. Matt Will says that's based on the International Monetary Fund, World Bank and the Economist's "Big Mac Index," all of which compare the currency strength of the nations and their consumer prices indexes.
Will says prices for goods in the United States are higher than in China. He also adds that China has one billion more people than the United States.
However, Will says the U.S. still produces more goods than China. Yet, at the same time, America also imports more goods than China.
Will adds that the United States remains a productivity powerhouse by far. He adds that China being the number one economy will have more of a psychological impact on the U.S. than anything else.
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