Which is the most powerful country in the world in the terms of economy ?
- 5 months ago
One would normally qualify the USA as the most powerful country in terms of economy. Some of the reasons include the US Dollar as an international currency, the US economy of 20.58 Trillion and the country having the highest gold reserve in the world.
Apparently, I too would agree to the power of the currency in a similar alignment but there are other factors which need to be dovetailed to actually understand the power of the currency. The US has a National Debt: $23.9 trillion (USD) in 2018 which is the second-highest in the world. More than $1.09 trillion is only with China. This is more than 15% of the $7.06 trillion in Treasury bills, notes, and bonds held by foreign countries (see source).
At the same time, China the closest competitor has the highest forex reserve of $3.11 trillion which is 2.5x that of Japan which has the second-highest forex reserve in the world.
With China becoming stronger and the deadlock being considered as the Thucydides's trap, it is unlikely that the US will be able to maintain herself as the most powerful country in the world in future. The post-COVID crisis will also witness a re-alignment of power.
- OiyLv 65 months ago
Panama, but it will lose the status to Canada very soon. All ships will go North.
- Anonymous5 months ago
None they all exist on debt it's a fantasy that is about to collapse