In 2028, China will emerge as the world’s largest economy, surpassing the United States. This is what the Center for Economics and Business Research, one of Britain’s top economic advisers, claims in its annual report. Earlier, the Center for Economic Research in Japan gave a similar indication in early December. They said that China would overtake the United States by 2028 or ’29.
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Although the world’s two most powerful nations have changed their position in terms of economic strength, Japan’s position as the world’s third-largest economy is unlikely to change, the British agency said. However, by the beginning of 2030, India may rise to the third place in their top. In that case, Germany could move from fourth to fifth place. Britain is currently ranked fifth in the world. By 2024, they could drop to sixth place.
The report claims that China’s economy is still in a state of flux despite the collapse. On the other hand, the US economy is still in its twenties. China will benefit in the long run because of this difference. This is because the current GDP of China has not changed much as a result of Kovid. The report claims that when the world’s economies slow down in 2020, China’s economic growth will increase by 2 percent. On the other hand, the US economy will shrink by about 5 percent. This difference will put China ahead.
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“Economic and power struggles between China and the United States have been going on for years,” the report said on Saturday. But in the extreme situation caused by the novel coronavirus, China has reached a much more economically advantageous place. ‘
The agency claimed that China was able to overcome the epidemic faster than other countries because it was able to handle the situation with efficient hands by announcing a timely lockdown. As a result, China’s economy has not been affected. Apart from Uhan, Kovid did not spread to other provinces of China. As a result, the country’s gross domestic product has not shrunk much.
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According to the agency, China’s economy will grow at an average rate of 5.7 percent per year from 2021 to ’25. Although growth has slowed slightly from 2026 to ’30, it is expected to grow by at least 4.5 percent in those four years, the report said.
On the other hand, experts have been thinking for a long time that the US economy will return to normalcy in 2021 after overcoming the Covid crisis. But given the current situation in the country, it is expected that US growth will slow to 1.9 percent each year from 2022 to ’24.