The Chinese economy will overtake the US by five years faster due to the pandemic, experts from the British Center for economic and business research (CEBR) concluded, reports Bloomberg.
China will become the largest (in terms of GDP) economy in the world in 2028, analysts concluded. A year ago, CEBR believed that China would overtake the US five years later, in 2033. Also, according to CEBR, China could become a high-income country as early as 2023.
In 2019, the US GDP in dollar terms was about 21.4 trillion dollars, and China’s GDP-about 14.3 trillion, according to data from the World Bank. India took fifth place in the rating last year (2.8 trillion).
Chinese President XI Jinping said last month that the country’s economy “may well” double by 2035 under the government’s new five-year plan, which aims to achieve “modern socialism” in 15 years, Bloomberg notes.
According to the CEBR forecast, by the end of the decade, India will be among the three largest economies besides the United States and China. Now the country ranks sixth in the ranking, behind and the United States and China, Japan, Germany, and the United Kingdom.
China was the first economy to be hit by the pandemic, but according to government data, it recovered quickly, analysts said. According to the report, this should encourage Western countries to keep a closer eye on developments in Asia.
The first cases of coronavirus were detected last winter in China, and for several months, the country was the world leader in the number of detected cases. In the spring, Italy and the United States, and then other countries overtook China. According to Johns Hopkins University, the United States recorded 18.7 million infection cases for all time, and in China — 95 thousand.