For the first time in decades the U.S. is no longer the largest economy in the world. Despite industry experts throwing up red flags for years the inevitable happened. According to new data by the IMF the total output of goods and services by China is $17.6 trillion versus $17.4 trillion for the U.S. This leaves experts scratching their heads and wondering how this could happen and what it means for the future. Should we be worried? Resource Advantages : With China accounting for 16.5% of the world economy in terms of real Purchasing Power Parity (PPP) and the U.S. at 16.3% of PPP it means that China has a little more leverage in their treaties and purchasing behavior. They will be able to obtain and receive resources at a slightly lower rate than the U.S. giving them an economic advantage. The advantage they have in obtaining cheaper resources for their manufacturing can be sufficient when systematically applied across multiple industries year-after-year. A few cents
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The United States is one of the most favorable locations for Indian students with over 100,000 coming here to earn degrees. Based upon a Higher Education Summit in 2012 and 2013 leaders from both countries agreed to fostering greater cooperation in the areas of faculty exchanges, research cooperation, using technology-enabled educational strategies (e-learning), community college cooperation, and greater higher education partnerships. Such programs help in creating greater opportunities that further broadens students and faculty’s perspectives on international educational issues. Students live in a much more complex world and will need to learn how to work with others across multiple boards and time zones. India and the U.S. have strong relationships and similarities in culture that makes it easier to connect for higher education purposes. This connection fosters greater cultural awareness and international collaboration among colleges. The programs also have additiona