World Economy: Can China Become the World's Biggest Economy? EU is still the largest economy in the world

China has overtaken Japan to become the world's second largest economy and is threatening the U.S. for the top spot. Japan insisted it was still ahead when international research agencies said China had already overtaken it late last year but admitted defeat in second-quarter GDP figures on Monday.

Over the last five years, China gradually overtook the major European economies, starting with the U.K., France and Italy in 2006 and Germany in 2007. The main reason was its breakneck growth rate of between 10 to 13 percent backed on the effects of its admission into the World Trade Organization and a booming global economy during the early and mid 2000s. China managed to expand more than 9 percent last year even in the midst of the global financial crisis.

Note EU-Digest: How come when it concerns the EU the figures get broken down per country. The number one economy in the world is still the EU. The economy of the European Union generates a GDP of over €11,805.66 billion ($16,447.26 billion in 2009) according to the IMF, making it the largest economy in the world. The EU economy consists of a single market and is represented as a unified entity in the WTO. Hello anyone listening?

For more: The Chosun Ilbo (English Edition): Daily News from Korea - Can China Become the World's Biggest Economy?