china had the worlds largest economy in 2014.
who had the worlds largest economy in 2014?
china
for much of east asia's history, china was the largest and most advanced economy in the region and globally as a whole. during the first half of the middle ages, china was the most developed state in east asia. the history of trade in east asia was largely shaped by the history of trade within ancient china. ancient china had economic contacts with persia and the roman empire, trading silk, minerals, and spices through the famous silk road. by 1100, the song dynasty hosted a population of almost 100 million people with a sophisticated medieval economic system boasting the use of paper money (written business contracts, mercantile credits, checks, promissory notes, bills of exchange), a maritime shipping power having the largest mercantile fleet in the world patrolling the south china seas and a strong industrial steel manufacturing capacity. for much east asia's economic history, china was one of the most developed economies on earth. after the fall of the western roman empire, for a thousand years from 500 ad to 1500 ad, china was the wealthiest country in east asia in the aggregate total in addition to per capita income. according to "the economist", china was not only the largest economy for much of recorded history for 1800 years of the past two millennia, but it was the world's largest until the end of the 15th century boasting the worlds highest per capita income and most advanced technology at the time. throughout this period, china outperformed its fellow east asian and distant european counterparts in terms of technological development, economic growth, culminating in its ability to maintain a massive territorial empire throughout succeeding medieval chinese dynasties. despite economic stagnation after 1450 and the rise of early modern europe, china's economy still remained the world's largest from the 1500s until 1820 as the world's most populous country and remained the world's largest economy up until 1885, a figure higher than the us economy at the height of its economic dominance after world war ii. china was the wealthiest part of the world from 1200 to the 1300s — aside from italy until the european renaissance took off during the late middle ages and the modern western world and japan overtook china it during the mid and late-19th century. china accounted for around one-quarter of the global gdp until the late 1700s and approximately one-third of the global gdp in 1820 as the industrial revolution was beginning in great britain. china's gdp in 1820 was six times as large as britain’s, the largest economy in europe — and almost 20 times the gdp of the nascent united states.
economy of east asia
goldman sachs includes the country in its list of the "next eleven" economies but china and india have emerged as major economic competitors. goldman sachs estimates that by the year 2050, it will be the 20th largest economy in the world. hsbc also projects the philippine economy to become the 16th largest economy in the world, 5th largest economy in asia and the largest economy in the south east asian region by 2050. the philippines is a member of the world bank, the international monetary fund, the world trade organization (wto), the asian development bank which is headquartered in mandaluyong, the colombo plan, the g-77 and the g-24 among other groups and institutions.
philippines