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