California Governor Gavin Newsom was quick to take a victory lap Monday afternoon. According to an opinion column from Bloomberg News Editor-In-Chief emeritus Matthew Winkler, the Golden State is on track to overtake Germany for the No. 4 spot. It became the fifth-largest economy in 2015, surpassing the United Kingdom, France, and Brazil.
Winkler’s column states that California’s trajectory of corporate revenues has risen 147%, while market capitalization has risen 117% over the last three years, compared to Germany’s 41% and 34%. “The margin of Germany’s nominal GDP of $4.22 trillion over California’s $3.357 trillion last year was the smallest on record and is about to disappear, with Europe’s largest economy barely growing in 2022 and forecast to shrink in 2023,” Winkler wrote.
“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,” Newsom said in a statement. “California’s values and entrepreneurial spirit have powered this ascent to become the world’s fourth biggest economy. We’ll continue doubling down on future industries, like renewables and clean energy. I feel tremendous pride in California’s resilience, leadership, and formula for success.“
