Final answer:
China is on its way to becoming the largest producer and consumer of many of the world's goods, with predictions placing it as the world's largest economy by 2030 if current trends continue.
Step-by-step explanation:
The country that is on its way to becoming the largest producer and consumer of many of the world's goods is China. Since the 1970s, China has undertaken economic reforms that have transformed its economy, and it joined the World Trade Organization (WTO) in 2001. China's efforts have paid off, making it the world's second-largest economy by 2010. With the world's largest population, China also represents a significant consumer market. However, its economic growth poses challenges, including the need to address income inequality, pollution, and sustainable resource management. If current trends continue, China's rise may result in it surpassing the United States to become the world's largest economy by 2030, despite the complex challenges it faces domestically.