Is China going to overtake the United States in the economic race?
China is one of the world's strongest economies and according to the latest estimates, China will be able to overtake the United States in the economic race by 2028. However, it should be noted that in previous reports, it was estimated that it could take another five years for China to do so.
The UK's Center for Economic and Business Research says China's expertise in tackling the Covid-19 epidemic is set to make its path to success much easier in the coming years than in the United States and Europe. At the same time, it is estimated that by 2030, India will be the third largest economy in the world.
This organization publishes a list of countries involved in the economic race and their place in the race on December 26 each year. Although China was the first country to be infected with the corona virus, China quickly and effectively took control of the epidemic. That is, it did not face the economic paralyzing lockdown and consequent economic crisis like the European countries. Thus, unlike other economies in the world, China managed to avert an economic crisis in 2020. However, this year the Chinese economy has projected an improvement of 2%.
Unlike China, the United States is still the most affected country by the corona virus. More than 330,000 people have died from the outbreak, and about 18 million confirmed cases have been reported.
Efforts are being made to control the economic losses to the people with the help of national policies, but due to political differences over the new package, it is feared that about 14 million unemployed people will not be able to receive government assistance in the new year.
According to the report, "For some time now, the subject of the global economy has been reflecting the struggle between the United States and China over the economy and monopoly. The Covid-19 epidemic and its economic implications have certainly given China a chance to move forward in this struggle.
According to the report, the US economy could improve by 1.9% annually between 2022 and 2024 after emerging from the epidemic in 2021. But after that it will decrease to 1.6%. In contrast, China's economy is projected to improve by 5.7% by 2025 and is expected to improve by 4.5% between 2026 and 2030.
According to the report, China's share of the global economy has risen from 3.6% in 2000 to 17.8%, now that it has become a "high-income economy." But even after China becomes the world's largest economy, the average Chinese will remain economically poorer than the average person in the United States, as China has four times the population.
The report also offers some other estimates. The UK economy is expected to grow by 4% between 2021 and 2025, and by 1.8% annually between 2026 and 2030. In 2019, India overtook the UK to become the world's fifth largest economy. But because of the epidemic, India is behind. By 2024, India will not be able to move forward again. However, India will be able to surpass Germany by 2027 and Japan by 2030.
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References:
1- https://asia.nikkei.com/Economy/China-to-overtake-US-economy-by-2028-29-in-COVID-s-wake-JCER
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Economics is a numbers game. That a country with almost 1,5 billion (with a B) people will at one point surpass a country with about 350 million people seems a given. Same goes for India with its population numbers. They will keep on developing and at some point (I'm not willing to guess when) beat out all Western countries. Though the per capita numbers could remain higher in the West for a long time.
Another plagiarized post.
This is the same as the other one, just the second half of the article.
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Hello @munawar1235
Probably the trend analysts will answer your question with a yes, and in my case, according to the current context, I estimate that in a few years China will end up surpassing the US, in all commercial aspects. My answer is based on the scientific and technical power and industrial capacity that China has, and where the scientific element is the most important. Thank you for sharing this interesting analysis.