California Bounces Back As World's 7th Largest Economy, Larger Than Brazil
SACRAMENTO (CBS / AP) -- California can claim the title as the seventh-largest world economy after recovering from a drop in output following the 2008 financial crisis.
New figures released Wednesday by the U.S. Bureau of Economic Analysis show the state's gross domestic product surpassed Brazil's in 2014, reaching $2.3 trillion.
California fell behind Latin America's powerhouse during the downturn and dropped as low as ninth in 2010, but has seen growth in agriculture, tech and manufacturing.
The resurgence has emboldened state lawmakers, who are pushing Gov. Jerry Brown to add $2 billion in spending to the state budget.
Democrats want additional funds for social programs for the poor. Despite its booming economy, California has one of the highest poverty rates in the nation.
One economist also worries that housing prices may limit growth.
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