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Year of the tiger: China’s economy to surpass U.S. in 2014

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Projections by World Bank statisticians show that China will become the top global economy this year, five years sooner than expected, the Financial Times reports.

For the first time since 2005, the International Comparison Program has crunched the numbers on purchasing power parity. An improved methodology takes into account that money can buy more in poorer countries than thought. India — the second most populous country — lands in 3rd place.

The U.S. has held the title of the world’s economic powerhouse for 142 years. In 1872, Britain passed the torch to her American cousin.

Read more here.

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