Tuesday, March 21, 2023

US economy to fall to No. 2 sooner due to pandemic

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The Chinese the economy is expected to overtake the United States faster than expected after resisting the coronavirus pandemic better than the West, according to the Center for Economics and Business Research.

the the world’s largest and second-largest economies are on track to swap places for dollars in 2028, five years ahead of schedule a year ago, he said on Saturday.

In its World Economic League ranking, the consultancy also calculated that China could become a high-income economy as early as 2023. To further consolidate Asia’s growing power, India is set to move up the market. ranking to become the third economy in the decade.

Chinese President Xi Jinping said last month that it was “entirely possible” for his economy to double in size by 2035 as part of his government’s new five-year plan, which aims to achieve “modern socialism” in 15 years.

China was the first economy to suffer a pandemic hit, but recovered quickly, according to government data. This should prompt Western economies to pay much more attention to what’s going on in Asia, according to the report.

“In general, we compare ourselves to other Western economies and we miss out on what is often best practice, especially in the fast growing economies of Asia,” he says.

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