It's official. On Feb. 14, China was recognized as the world's second-largest economy after the United States. Japan released its 2010 economic figures, announcing that its full-year GDP was $5.47 trillion – about 7 percent smaller than China's.
But read between the lines and look beyond the top three rankings. You find that Americans are already convinced that the US has fallen behind China, that Japanese are not necessarily dismayed at the news that they've fallen to No. 3, and that other nations are showing notable economic changes.
France remained the world's fifth-largest economy in 2010, with a gross domestic product of $2.55 trillion, according to the International Monetary Fund. That's just ahead of fellow European economic giants United Kingdom and Italy.
Brazil and India aren't trailing far behind, however. Brazil's GDP grew by more than 7 percent in 2010, and the IMF predicts that Latin America's largest economy will surpass France, the UK, and Italy by 2020. India's economy, meanwhile, will skyrocket into the No. 3 spot, according to predictions.
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