Report says that the Chinese economy is expected to surpass that of the United States in 2028, five years earlier than previously forecast, as a result of the fallout following the coronavirus pandemic .
In an analysis shared on the Hill, an online media platform, the Center for Economics and Business Research(CEBR) said in its World Economic League Table, based on dollar amounts, China will surpass previous expectations that posited it would overtake the United States economy in 2033, mostly based on the impact of Covid-19.
According to the Firm, the skillful management of the pandemic and the hits to long term growth in the West means that China’s relative economic performance has improved.
China was the epicenter of the coronavirus and it staggered economically before other countries. It has unexpectedly rebounded faster than the United States and Europe, giving it boost in a post pandemic world.
The report also stated that China is estimated to be likely to have positive GDP groth of 2% in 2020, whereas other major economies are expected to have negative growth for the year.
It will be recalled that Chinese President Xi Jinping in November, stated the possibility of China doubling the size of its economy by 2035 under his five year plan. The plan seeks to modernize Beijing’s brand of socialism.
Also, an indicator of Asia’s burgeoning economic prowess, fueled by massive population growth, India is expected to be the largest country by 2027 and the third largest economy by 2030, following after China and the US.
