Via John Stoltzfus at Oppenheimer (emphasis ours):
Relative size counts when it comes to economic resiliency in challenging environments. The US is still the largest economy in the world at over $17.4 trillion in GDP. While China is the second-largest economy ranked as an individual country (at $10.4 trillion), the eurozone countries in aggregate rank second at around $13.4 trillion.
We think it’s important for investors to consider the relative size of a country’s economy before extrapolating positively or negatively on day-to-day news items.
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