The World Economic Forum has released a potential year that the Chinese economy will overtake the United States, and that year is 2028. The WEF is following the analysis of Think Tank; Center for Economics and Business Research.
However, previously the Think Tank stated that China would take the top spot in 2032, but given the Western downturn as a result of the Pandemic, it is apparent that China gained five years on their strategic opponents, fast-tracking to become the World’s largest economy.
The Think Tank directly relates the change to the early lockdowns, which the Chinese government imposed on its citizens.
“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 published on Saturday.
“The COVID-19 pandemic and corresponding economic fallout have certainly tipped this rivalry in China’s favor.” – How can it be that a pandemic which started in China has caused catastrophe the world over, leaves China unscathed? Let us know what you think in the comments.
China looked set for average economic growth of 5.7% a year from 2021-25 before slowing to 4.5% a year from 2026-30. While the United States was likely to have a strong post-pandemic rebound in 2021, its growth would slow to 1.9% a year between 2022 and 2024 and then to 1.6% after that.
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The Chinese economy is based on Socialism and as a result, should the Chinese economy overtake the United States it is fair to assume that all corporations who wish to do business within the Chinese economy will have to subject the Communist Government’s economic rules and regulations. As was done when the United States became the largest economy. Furthermore, the subjection is currently experienced by corporations such as Apple, Google, Facebook, and other corporate giants.