American and Chinese flags outside the building.
Teh Eng Koon | AFP via Getty Images
The two countries’ withdrawal from the Covid-19 epidemic comes five years earlier than previously thought. By 2028, China will overtake the United States to become the world’s largest economy, analysts say.
The Department of Economic and Economic Research said in a few years that the broader theme of the global economy was the “soft struggle” between the United States and China. “It is true that the COVID-19 epidemic and the economic and economic consequences of this competition have given China an advantage over this competition.”
The CEBR said China’s “smart management of infectious diseases” has boosted China’s economic growth by undermining its earlier sanctions and the long-term development of the West.
China expects average economic growth to grow by 5.7% a year between 2021 and 25, down from 4.5% a year from 2026-30.
In 2021, the United States is expected to rebound after a severe epidemic, but between 2022 and 2024 it slowed to 1.9% a year, down from 1.6% a year.
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, with the exit of the EU single market by 2021 projected to be 23% higher than the French dollar.
Europe will account for 19% of production in the top 10 economies by 2020, but could drop to 12% by 2035. The CEBR said it would be lower if there were strong differences between the EU and Britain.
In addition, the impact of infectious diseases on the global economy is not slowing down, but is likely to be reflected in higher inflation.
“We see an economic cycle as interest rates rise in mid-2020,” he said, adding that it would be a challenge for governments to borrow large sums of money to respond to the COVID-19 crisis. “But by the 2030s, this is basically faster and accelerating into a technology-based world.”