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Since China has provided an effective response to the coronavirus epidemic, the Asian economy could outpace the US economy in this decade, hvg.hu wrote, referring to the German news portal dw.com. According to a British analytical institute called the Center for Business and Economic Research (CEBR)
Instead of 2033, China will already be ahead of the world’s current largest economy in 2028,
primarily due to the effects of the Covid-19 epidemic and responses to the pandemic.
For a long time we thought that China would not threaten the hegemonic position of the United States, however, in November 2020, the relationship between the two countries could be a key issue.
According to the study, the main reason for changing the date to 2033 is that China has managed to keep the number of infected low due to strict closures made on time. According to CEBR, growth will also be relatively fast in the US in 2021, but another slowdown is expected from 2022 onwards.
The United States can expect GDP growth to average around 1.6% per year, while in China this figure will be around 5.7% between 2021 and 2025. But between 2026 and 2030, China will also slow down, with a average annual growth rate of 4.7 percent.
According to CEBR, Japan will remain the world’s third-largest economy until the early 2030s, but then India will overtake it.
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