New Delhi : By 2028, China will overtake the US to become the world’s largest economy. It would happen 5 years before the estimate that experts had made before the Covid19 epidemic. The Center for Economics and Business Research’s annual report is published on Saturday and according to it, there has been an economic power struggle between the United States and China for some time. This rivalry COVID19 pandemic and economic decline definitely favor China. CEBR has said China’s “epidemic efficient management”, strict early lockdowns and hits for long-term growth in the West meant China’s relative economic performance was improving.
Japan will lag behind India by 2030
On the other hand, the economy of America is likely to be affected by this for a long time. China looked set for 5.7 percent annual growth on average between 2021–25, before annual economic growth slowed to 4.5 percent between 2026–30. While the United States was likely to rebound after a strong epidemic in 2021. Its growth rate will decline to 1.9 percent in one year between 2022 and 2024 and 1.6 percent thereafter.
Japan will remain the world’s third largest economy in dollar terms until the early 2030s. After that India will overtake Japan. Germany will slip from number four to number five. Britain, currently at number five, will slip to sixth place in 2024.
