China expected to displace US as world’s biggest economy by 2028: report
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China’s economy has bounced back so quickly after the coronavirus that it is expected to displace the US as the world’s biggest economy by 2028, according to a new report.
In its annual study of 193 countries, the Center for Economics and Business Research said that China had quickly recovered from the effects of COVID-19 and would grow by two percent in 2020 — the only major world power to expand.
The US is expected to contract by 4.4 percent this year — the country’s biggest fall since the Second World War, according to the London-based group.
“The big news in this forecast is the speed of growth of the Chinese economy,” said Douglas McWilliams, deputy chairman of the Center for Economics and Business Research. “We expect it to become an upper-income economy during the current five-year plan period (2020-25). And we expect it to overtake the US a full five years earlier than we did a year ago.”
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