California is poised to become the world’s fourth largest economy, advancing its position on the world’s stage. Bloomberg News editor-in-chief emeritus Matthew Winkler first wrote of the impending change, with Germany’s economy set to shrink in 2023.
Germany’s current GDP of $4.22 trillion sits slightly above California’s $3.357 trillion last year. Winkler notes that California’s trajectory of corporate revenues has risen 147 percent, while market capitalization has risen 117 percent over the past three years, compared to Germany’s 41 percent and 34 percent.
“While critics often say California’s best days are behind us, reality proves otherwise—our economic growth and job gains continue to fuel the nation’s economy,” California Governor Gavin Newsom said in a statement. “California’s values and entrepreneurial spirit have powered this ascent to becoming the fourth biggest economy in the world, and we’ll continue doubling down on industries of the future, like renewables and clean energy. I feel tremendous pride in California’s resilience, leadership, and our formula for success.”
California became the fifth largest economy in 2015, surpassing the United Kingdom, France and Brazil.