China To Overtake US Economy 5 Years Early; India To Climb Up
London: China will become the world’s biggest economy in 2028, a think tank said on Saturday. This is five years earlier than the previous prediction owing to the contrasting recoveries from the pandemic.
“For some time, an overarching theme of global economics has been the economic and soft power struggle between the United States and China,” the Centre for Economics and Business Research said in an annual report.
“The COVID-19 pandemic and corresponding economic fallout have certainly tipped this rivalry in China’s favour,” it reported.
The think tank highlighted China’s “skilful management of the pandemic” with strict early lockdowns as factors helping it regain the economy.
The United States was expected to have a strong rebound in 2021, but its growth is likely to slow down to 1.9 per cent a year between 2022 and 2024.
The 3rd place will be owned by Japan till early 2030s when India is expected to overtake it. Germany would be pushed from fourth to fifth subsequently.
The United Kingdom would move down to sixth place in 2024 from the 5th position now.