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(BLOOMBERG): The Chinese economy is projected to overtake the United States faster than previously anticipated after weathering the coronavirus pandemic better than the West, according to the Center for Business and Economic Research.
The world’s second largest economies are on track to swap positions in dollar terms in 2028, five years earlier than expected a year ago, it said on Saturday (December 26).
In its World Economic League Table, the consultancy also calculated that China could become a high-income economy as early as 2023. To further consolidate Asia’s rising power, India is poised to move up the rankings to become economy number 3 at the end of the decade.
Chinese President Xi Jinping said last month that it was “entirely possible” for its economy to double in size by 2035 under 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 it has recovered quickly, according to government data. That should prompt Western economies to pay much more attention to what is happening in Asia, according to the report.
“Usually we compare ourselves to other Western economies and miss what is often best practice, especially in fast-growing economies in Asia,” he said. –Bloomberg
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