According to earlier estimates, five years later, China is expected to overtake the United States as the world’s largest economy.
Five years earlier than previously expected due to the recovery of disparities between the two countries due to COVID-19 infection. By 2028, China will overtake the United States to become the world’s largest economy, analysts say.
The Department of Economics and Economic Research, Department of Economic and Economic Research, has been the subject of a broad-based global economic and soft power struggle over the past few years.
“The link between COVID-19 epidemics and the economic-economic relationship is that China favors this competition.
The CEBR said that China’s “smart management of infectious diseases” has affected its earlier sanctions and the long-term growth in the West, and that China’s economic growth has improved.
China expects to cut its average annual economic growth rate from 5.21 percent to 20 percent a year from 2026 to 30, from 5.7 percent a year.
In 2021, the United States may jump sharply after an outbreak, but between 2022 and 2024 it will slow to 1.9 percent a year, down to 1.6 percent.
Japan will remain the world’s third-largest economy with $ 30, surpassing India and pushing Germany from fourth to fifth place until early 2030.
The UK, the fifth-largest economy by current CEBR scale, has slipped to sixth place by 2024.
Britain’s leadership has helped in a significant digital economy, and by 2021 it is estimated that Britain’s gross domestic product (GDP) will grow by 23% over France by $ 20 due to its exit from the EU single market.
Europe will account for 19 percent of production in the top 10 economies by 2020, but could fall to 12 percent by 2035, which would be even lower if there were differences between the EU and the UK, CEBR said.
In addition, the impact of infectious diseases on the global economy is not slowing down, but is likely to be reflected in higher inflation.
In response to the COVID-19 crisis, governments that borrowed heavily said: “We are seeing a boom in mid-2020 with rising interest rates.
But over the course of the 2030s, the background is accelerating to a more technologically advanced world, ”he said.