China’s economy has recovered so quickly after the coronavirus that it is expected to replace the United States as the largest economy in the world by 2028, according to a new report.
In its annual study of 193 countries, the Center for Economics and Business Research said that China had quickly recovered from the effects of COVID-19 and would grow by 2% in 2020 – the only major world power to expand.
The United States is expected to contract 4.4 percent this year – the country’s biggest drop since World War II, according to the London-based group.
“The big news in this forecast is the speed of growth of the Chinese economy,” said Douglas McWilliams, vice president of the Center for Economic and Business Research. “We hope it will become a high-income economy during the current five-year plan period (2020-25). And we expect it to surpass the United States five years earlier than a year ago. “