British Think Tank: China Will Replace the United States as the World's Largest Economy in 2028, claimed to Have Rapid Recovery after Covid-19
A British think tank expects China to overtake the U.S. as the world's largest economy by 2028, five years earlier than last year's forecast. It also predicts that China, which per capita income exceeded US$10,000, is expected to become a "high-income economy" in the next five years.
The Guardian reported on 26 Dec, 20 that the British tank Centre for Economics and Business Research (CEBR) has made the above forecast. The report also said that a year ago, CEBR predicted that China would not overtake the U.S. until 2033, but now the prediction has been brought forward.
CEBR studies the economic growth rates of 193 countries around the world. In its review of China, the consultancy group said China would narrow the gap with its biggest rival as it rapidly recovers from the effects of Covid-19 while the U.S. gets dragged by the pandemic. CEBR expects China's economy to grow at an average annual rate of 5.7% from 2021 to 2025 and 4.5% from 2026 to 2030. The Center also expects a strong rebound from the U.S. in 2021, but growth is likely to slow to 1.9% per year from 2022 to 2024 and further to 1.6% thereafter.
#thinktank #Covid19 #China #US #economy #rivalry #TheGuardian #CEBR
Source: Stand News #Dec26
https://bit.ly/3ai2ULX
A British think tank expects China to overtake the U.S. as the world's largest economy by 2028, five years earlier than last year's forecast. It also predicts that China, which per capita income exceeded US$10,000, is expected to become a "high-income economy" in the next five years.
The Guardian reported on 26 Dec, 20 that the British tank Centre for Economics and Business Research (CEBR) has made the above forecast. The report also said that a year ago, CEBR predicted that China would not overtake the U.S. until 2033, but now the prediction has been brought forward.
CEBR studies the economic growth rates of 193 countries around the world. In its review of China, the consultancy group said China would narrow the gap with its biggest rival as it rapidly recovers from the effects of Covid-19 while the U.S. gets dragged by the pandemic. CEBR expects China's economy to grow at an average annual rate of 5.7% from 2021 to 2025 and 4.5% from 2026 to 2030. The Center also expects a strong rebound from the U.S. in 2021, but growth is likely to slow to 1.9% per year from 2022 to 2024 and further to 1.6% thereafter.
#thinktank #Covid19 #China #US #economy #rivalry #TheGuardian #CEBR
Source: Stand News #Dec26
https://bit.ly/3ai2ULX