By 2027, China is set to overtake the United States as the world’s largest economy. China will move to this position five years earlier than previously thought due to differences in the pace of recovery between the two countries in the Corona epidemic.
The Center for Economics and Business Research said in its annual report on Saturday.
“For some time, the theme of a global economic race has been the mild competition for power and economy between the United States and China,” he said. The Covid-19 epidemic and its aftermath have led to a sudden economic downturn, giving rival China a chance.
The report said that in the first phase of the lockdown, “the epidemic situation has been dealt with efficiently by China” and the long-term improvement in the West has led to the development of economic activity in Beijing.
From 2021 to 2025, China has set an average economic growth rate of 5.8 percent. However, in the period of 2026-30, it may come down to 4.5 percent. On the other hand, in 2021, the United States will have to deal with the next strongest blow to Corona. Its development rate may come down to one point nine percent from 2022 to 2024. After that it can be further reduced to one point six percent.