A research center reported that China will overtake the United States to become the world’s largest economy in 2028. 5 years ahead of schedule, due to the disparity in the two countries’ recovery from the coronavirus pandemic.
“The economy and the soft power war between the United States and China have been the most issues dominating the world economy,” CEBR said in an annual report.
“The Corona pandemic and its economical repercussions are tilting this competition in China’s favor,” CEBR added.
The center added that “China’s competence in managing the pandemic (dossier)”. Strict public isolation measures it imposed at the beginning of the crisis. As well as the long-term impact of growth in Western countries means that China’s economic performance has improved.
China expects average economic growth of 5.7% per year between 2021 and 2025. Before slowing to 4.5% per year between 2026 and 2030.
While the United States is expected to record strong growth in the aftermath of the pandemic in 2021. Its growth will slow to 1.9% per year between 2022 and 2024 and 1.6% thereafter.
The center hopes that Japan will remain the world’s third-largest economy until the beginning of the third decade of the 21st century before India overtakes it. Plunging Germany from fourth to fifth place.
Britain will drop – according to the center – to sixth place, starting in 2024.
It should be noted that the Chinese economy grew by 4.9% in the third quarter of this year. Compared to 3.2% of GDP in the second quarter of this year.