Reuters Aly Song
A research center reported that China will surpass the United States to become the largest economy in the world in 2028, five 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 main topics dominating the global economy,” the Center for Economic and Business Research 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 went on to say that “China’s skill in managing the (file) the pandemic,” and the strict lockdown 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 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 twenty-first century before India overtakes it, which plunges Germany from fourth to fifth place.
Britain, according to the center, will decline to sixth place from 2024.
Source: Reuters
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