China is expected to overtake the United States as the world’s largest economy by 2028, a report said. It is reported that China will achieve a new level five years earlier than previously thought. China’s move comes against the backdrop of the United States facing a major setback due to the COVID-19 pandemic.
The Economic Struggle between the United States and China has been a major issue in global economics for some time, according to an annual report published last week by the Center for Economic and Business Research.
The COVID-19 pandemic, the recession and the setback for the United States favored China. China expected economic growth of 5.7% in 2021-25. Then in 2026-30 it will fall to 4.6%.
At the same time, the US economy will suffer a major setback in 2021. The US economy is expected to grow 1.9% between 2022 and 2024. After that it will fall to 1.6%.In dollar terms, Japan will be the world’s third-largest economy.