Coronavirus impact | China will overtake US to become world's largest economy by 2028
China reportedly weathered the pandemic outbreak better than the West, which would help it occupy the top spot in dollar terms five years earlier than estimated a year ago.
December 26, 2020 / 09:11 PM IST
The Chinese economy will overtake that of the United States’ sooner than expected, revealed a report released by the Centre for Economics and Business Research on December 26 .
The world’s largest (US) and second largest economies (China) are set to trade places by 2028 because of the coronavirus pandemic.
China was the first economy to suffer due to the pandemic outbreak, but it overcame the hurdles swiftly. China reportedly weathered the pandemic outbreak better than the West, which would help it occupy the top spot in dollar terms five years earlier than estimated a year ago.
A month ago, Chinese President Xi Jinping had expressed confidence that the country’s economy could double by 2035 if his government’s new Five-Year Plan is followed.
According to the World Economic League Table prepared by the Centre for Economics and Business Research, China may become a high-income economy by 2023 and India may become the number three economy by the end of this decade.
The CEBR annual report published on December 26 read: "India has been knocked off course somewhat through the impact of the pandemic. As a result, after overtaking the UK in 2019, the UK overtakes India again in this year's forecasts and stays ahead till 2024 before India takes over again."