The ‘Miracle’ That Turned California Into The World’s Fifth-largest Economy

California has long held a special place in the imagination of Americans and people all over the world.

California has always had a “glamorous” image nurtured by Hollywood | Picture by pexels.com/@bluerhinomedia

It is, after all, the land of Hollywood, where dreams come true. And it is home to Silicon Valley, the world capital of technological innovation.

Add to this the fact that the American region is also, according to data revealed this week by the World Bank, the epicenter of an “economic miracle”.

If it were a country, California would be the fifth economy in the world. This is particularly surprising for a state that not long ago was facing bankruptcy.

California’s high-tech industry is the most advanced in the world | Picture by pexels.com/@alipazani

Economic success

Today, California is on another level. Its economy grew by 3.4 percent in 2019, surpassing India and behind Germany, and it went from eighth to the fifth largest economy in the world.

The GDP of the state, the most populous in the US, reached $3.133 trillion in 2019. If California were a sovereign nation, it would rank as the fifth-largest economy, ahead of India and behind…