China to Overtake US as World’s Top Economy in 2028
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China will overtake the United States to become the world’s biggest economy in 2028, five years earlier than previously estimated due to the contrasting recoveries of the two countries from the pandemic.
The Centre for Economics and Business Research said in an annual report published on Saturday. Of course. China is already the largest economy in the world by GDP PPP. It’s only a matter of time before they overtake the US by nominal GDP as well.
China’s latest stats show exports rose slightly, imports were down, and the economy is expected to tank 6%. 90% of businesses are now open and operating, unemployment is recovering, and it all depends on exports and domestic consumption for recovery. Right now, domestic consumption is soft.
China’s new infections are caused by imported cases primarily from Russia at this time. Regarding pushing other countries to China, I think it is slowly happening, especially in Asia, Central Asia, Africa, and the Middle East.
The Belt and Road Initiative, BRI is the catalyst for increasing trade with China and others in the BRI. China’s effort to help other countries with medical aid and medical team during the pandemic is giving China added soft power at a time the US is Missing in action.