A research center reported that China will surpass the United States to become the largest economy in the world in 2028, 5 years earlier than expected, due to the disparity in the two countries’ recovery from the Coronavirus pandemic.
“For some time, the economy and soft power struggle between the United States and China has been one of the major issues dominating the global economy,” CEBR said in an annual report published on Saturday.
“The Covid-19 pandemic and its economic repercussions make this competition tilted definitely in favor of China,” he added.
The center added that “China’s skill in managing the pandemic (file),” and the strict public isolation measures it imposed at the beginning of the crisis, and the long-term impact of growth in Western countries, means that China’s economic performance has improved.
China expects an average economic growth of 5.7% annually between 2021 and 2025, before slowing to 4.5% annually from 2026. to me 2030.
While the United States is expected to record strong growth in the wake of the 2021 pandemic, its growth will slow to 1.9% annually between 2022 and 2024, and then to 1.6% after that.
The center expects that Japan will remain the third largest economy in the world until the beginning of the third decade of the 21st century before India overtakes it, which plunges Germany from fourth to fifth place.
Britain will decline – according to the center – to sixth place, starting from 2024.
It is noteworthy that the Chinese economy recorded a growth of 4.9% during the third quarter of this year, compared to 3.2% of the GDP during the second quarter of this year.