According to Bloomberg, California is set to overtake Germany as the world's 4th largest economy.
"The Golden State’s gross domestic product is poised to overtake Germany’s as the fourth largest in the world after the US, China and Japan. It had already leapfrogged Brazil (No. 7) and France (No. 6) in 2015 and supplanted the UK (No. 5) in 2017."
The report goes on to say "Although many of California's current figures won't be published until 2023, estimates suggest the state may have already caught Germany, with at least one forecast implying California is ahead by $72 billion when considering the state's recent growth rate."
The article points to California's economic diversity as one of the reasons for its continued growth, especially in the field of renewable energy.
“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,” said Governor Gavin Newsom in a statement released Monday. “California’s values and entrepreneurial spirit have powered this ascent to becoming the 4th 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.”
Bloomberg also points out that California's economy is "punching above its weight on the world stage" and that the state's job creation is a key element of that. The state's unemployment rate fell to 3.9% in July, the lowest since 1976, before ticking back up to 4.1% in August.
