With a quick and steady response to the Coronavirus, China has made itself stable in a lot of aspects very fast since businesses and work shut down. The latest acheivement we heard about the country is China to take over America as the largest economic country by 2028!
China to take over America as the largest global economy!
China has not faced an economic recession even in the times of a pandemic as the country took strict action against the virus and bounced back even stornger than usual.
A UK think tank reported that Beijing will take over America by 2028 which will be five years earlier than previously predicted. The Center for Economics and Business Research or CEBR stated in their annual report: “We expect the United States’ share of global GDP to decline from 2021 onwards, and for the country to eventually be overtaken by China as the world’s largest economy.”
China’s “skillful management of the pandemic,” has helped China to take over America as the country placed a very early lockdown on the affected areas to keep the patient numbers under control.
The Chinese economy, unlike many others, has avoided a recession in the year of the pandemic and an estimated growth of 2% raise is said to be seen this year. The average growth for China will be 5.7% from 2021 till 2025 which will slow down to 4.6% between 2026 and 2030.
Reports suggest that the US will also see a post-pandemic rebound but its growth will slow down to 1.9% and then 1.6% in the coming years.
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