This is what Roubini said:
USA GDP = USD15 trillion vs China GDP = USD3 trillion
USA Consumption = USD10 trillion vs China Consumption = USD1 trillion
USA unemployment = about 7 million, China unemployment = about 30 million
USA over consumed, China over produced (when US stops consumming, China got to stop producing, and its domestic market cannot replace USA)
Verdict:
It is impossible for China to overtake USA in the next 2 to 5 years. Assume USA normalised GDP is USD12 trillion and China grow at 8% perpectually, China will need about 16 years to equate USA's GDP. So it is a myth that they said China can replace USA, perhaps in 20 to 30 years. But, anything can happen in 20 to 30 years. But I would bet on Asia to take over the Europe and USA in 20 to 30 years.
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