According to Reuters, the annual report released yesterday by the UK Center for Economics and Business Research predicts that China will surpass the United States in 2028, five years earlier than previously predicted, to become the world's largest economy. The situation of the two countries stands in stark contrast after the COVID-19 outbreak.
The report pointed out that China "effectively controlled the epidemic" and that strict measures at the first stage and the long-term and continuous spread of the epidemic in the West mean that China's economic performance has improved.
The report also stated that from 2021 to 2025, the average growth rate of the Chinese economy will reach 5,7 percent and fall to 2026 percent annually in 2030-4,5. According to the report, although the U.S. economy will recover strongly after the epidemic in 2021, the average growth rate between 2022 and 2024 will slow to 1,9 percent first and then drop to 1,6 percent.
Source: China International Radio