Forecasts show California could soon surpass Germany in GDP, a measure that reflects the state's growth and resiliency, but also Germany's economic struggles.
, most notably Tesla and SpaceX Chief Executive Elon Musk, who moved Tesla’s headquarters — and himself — to Texas during the pandemic .from some economists that the Golden State could soon surpass Germany to become the world’s fourth-largest economy.Moving from the world’s fifth- to fourth-largest economy would be another step up for California — which would trail only the U.S., China and Japan, countries with more than three times California’s population.
“I think this was the best kept secret,” Cornelius said. “Everybody was focusing on the California exoduses, the wildfires, the earthquakes and everything that was negative going on, but I don’t think anybody was paying attention to the growth.”prediction as a sign of California’s prosperity, some experts note the metric is just one measure of California’s economy.
“This is just a statement about the aggregate scale of the California economy,” Zeke said, noting the nominal GDP doesn’t look at inequality or wages. “That’s not a statement about the welfare of the average Californian, ... that’s a completely different measure.”California businesses in the last year have outpaced German companies, especially in three of the state’s top industries: technology hardware, media and software,editor in chief emeritus Matthew Winkler.
She noted that when California’s economy surpassed the size of the U.K.'s in 2017, it required a strong and resilient California, but challenges in Britain played a more prominent role.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Despite all the critics, California could soon rise to the world's 4th-largest economyCalifornia has long faced criticism for driving away business and workers, due to high taxes and prices and tough regulations. Yet the Golden State could soon surpass Germany to become the world's fourth-largest economy.
Read more »
Euro zone inflation soars past forecasts to new record highEuro zone inflation surged past expectations yet again this month to hit a record high, pointing to further interest rate hikes from the European Central Bank as price pressures appear to be broadening.
Read more »
Euro Breaking News: Stagflation Recurs With Contracting EZ GDP & Record Core CPIRecent eurozone data has added further complications for the ECB particularly concerning inflation. Core inflation beat estimates hitting the 5% mark, following on from last week’s German inflation print. Get your market update from WVenketas here:
Read more »
Moderna COVID vaccine sales forecasts fall short for 2022, 2023Moderna Inc on Thursday cut its 2022 COVID-19 vaccine sales forecast, citing regulatory and production delays, and issued a 2023 outlook for the shots well below Wall Street estimates, sending its shares down as much as 9%.
Read more »
Lionsgate Takes Big Write-Down For Starz Noting “Economic, Industry Headwinds” But Beats Quarterly ForecastsLionsgate total global subscribers rose to 37.8 million for the fiscal second quarter ended in September, driven by international and domestic streaming, where subs were up 52% year-on-year to 27.3 million
Read more »