California's economic recovery and economic crisis in Europe should allow the state to regain its No. 8 ranking in the global economy, according to the Center for the Continuing Study of the California Economy.
Steve Levy, the Palo Alto-based organization's director, cited the latest data on California's $2 trillion economy and numbers from the World Bank to conclude that the state should stand alone in the No. 8 position behind the entire United States, China, Japan, Germany, France, United Kingdom (Britain) and Brazil.
"In 2012 California, Italy and the Russian Federation were in a virtual tie for eighth-tenth place with a GDP of $2.0 trillion," Levy said. "The European recession and California's strong 2012 GDP growth allowed the state to catch Italy and move closer to France and the U.K. in 2012.
"California posted a real GDP gain of 3.5 percent in 2012 tied with Minnesota for the fifth-highest in the nation behind North Dakota, Texas, and California's northern neighbors, Oregon and Washington. The U.S. GDP gain was a full percentage point lower at 2.5 percent. California's strong job gains in 2013 combined with the recent IMF forecast that most of Europe will remain in recession this year means that California will move up in the rankings by the end of 2013."
Before the surges in China and Brazil, California was ranked as high as No. 6.
PHOTO: A container ship docks at the Port of Oakland on May 5, 2007. The Sacramento Bee/Michael A. Jones