According to a new report, the Chinese economy has returned so quickly after the coronavirus that it is expected to displace the US as the world’s largest economy by 2028.
In its annual study of 193 countries, the Center for Economics and Business Research said China had recovered quickly from the effects of COVID-19 and would grow by two percent by 2020 – the only major global power to expand.
The US is expected to shrink by 4.4 percent this year – the country’s largest decline since World War II, the London-based group said.
“The big news in this forecast is the growth rate of the Chinese economy,” said Douglas McWilliams, vice president of the Center for Economics and Business Research. “We expect that in the current five-year plan period (2020-25) it will become a higher-income economy. And we expect it to catch up with the US five years earlier than it was a year ago. “