who had the worlds largest economy in 2014
List of countries by GDP (nominal) Although the rankings of national economies have changed considerably over time, the United States has maintained its top position since the Gilded Age, a time period in which its economy saw rapid expansion, surpassing the British Empire and Qing dynasty in aggregate output.[13][14] Since China's transition to a market-based economy through privatisation and deregulation,[15][16] the country has seen its ranking increase from ninth in 1978 to second to only the United States in 2016 as economic growth accelerated and its share of global nominal GDP surged from 2% in 1980 to 15% in 2016.[14][1] India has also experienced a similar economic boom since the implementation of economic liberalisation in the early 1990s.[17] When supranational entities are included, the European Union is the second largest economy in the world. It was the largest from 2004, when ten countries joined the union,[18] to 2014, after which it was surpassed by the United States.[19]
Economy of China The socialist market economy of the People's Republic of China[21] is the world's second largest economy by nominal GDP[1][22][23] and the world's largest economy by purchasing power parity.[24] Until 2015, China was the world's fastest-growing major economy, with growth rates averaging 10% over 30 years.[25][26] Due to historical and political facts of China's developing economy, China's public sector accounts for a bigger share of the national economy than the burgeoning private sector.[27][28] According to the IMF, on a per capita income basis China ranked 71st by GDP (nominal) and 78th by GDP (PPP) per capita in 2016. The country has an estimated $23 trillion worth of natural resources, 90% of which are coal and rare earth metals.[29] China also has the world's largest total banking sector assets of $39.9 trillion (252 trillion CNY) with $26.54 trillion in total deposits.[30][31]