China’s economy has recovered so quickly from coronavirus that it is expected to replace the United States as the world’s largest economy by 2028, according to a new report.
In its 193-year annual survey, the Center for Economic and Business Research said China has recovered quickly from the effects of COVID-19 and will grow by two percent in 2020 – the world’s only expanding major power.
The US is expected to contract by 4.4% this year – the country’s biggest drop since World War II, according to the London group.
“The big news in this forecast is the growth rate of the Chinese economy,” said Douglas McWilliams, vice president of the Center for Economic and Business Research. “We expect it to become a higher-income economy during the current five-year period of the plan (2020-25). And we expect it to overtake the US five years earlier than we did a year ago. “