By 2028, China will overtake the US to become the world’s largest economy. It would be 5 years before the estimate that experts had made before the Covid-19 pandemic. The Center for Economics and Business Research’s annual report is published and according to it has been an economic power struggle between the United States and China for some time. This rivalry COVID-19 pandemic and economic decline definitely favor China.
CEBR has stated that China’s “pandemic efficient management”, strict early lockdown and a hit for long-term growth in the West mean China’s relative economic performance had improved.
The average growth rate will be 5.7 percent. It is estimated to be 4.5 percent between 2026-2030. According to the report, the US will register a significant growth in 2021. After that, it will grow at a rate of 1.9 per cent between 2022 and 2024.
After that it will fall further and it will come down to 1.6 per cent. Talking about India, India will be ahead of Japan by 2030. Japan will remain the world’s third-largest economy in dollar terms until the early 2030s. But after that India will overtake Japan. Germany will slip from fourth to fifth place in the list.
Currently, the UK is ranked fifth, but in 2024 it will slip to the sixth position.