CHINA TO OVERTAKE US AS LARGEST

GLOBAL ECONOMY BY 2028

By
SIDDHANT AGNIHOTRI
B.Sc (Silver Medalist)
M.Sc (Applied Physics)
MA IN HISTORY
NET/JRF IN HISTORY
Facebook: sid_Econnect
EARLY LIFE
EARLY LIFE
 TWO ECONOMIES
• The coronavirus pandemic and its
economic fallout will help China rise
past the US to become the world’s
largest economy, a new report shows.
Beijing is now expected to overtake
the US by 2028, as opposed to 2033,
a UK think tank said in its latest
report.
COMPARISON
 2028
• “We expect the United States’ share of global GDP to
decline from 2021 onwards, and for the country to
eventually be overtaken by China as the world’s largest
economy,” the Centre for Economics and Business
Research (CEBR) said in an annual report released on
Saturday.
• “We now expect this to happen in 2028, five years
sooner than in the previous edition of the WELT,”
referring to the think tank’s World Economic League
Table, which measures countries’ economic
performance.
 China was ‘skillful’ with the pandemic
• The quickened pace has been attributed to the
difference between Beijing and Washington’s response
to the coronavirus pandemic and the recovery that
followed. The report hailed China’s “skillful management
of the pandemic,” where an early lockdown kept the
numbers under control.

• The report added that the US would also see a

strong post-pandemic rebound in the coming year,
but its growth would slow down to 1.9% and 1.6%
over the years that follow.
 WHAT IT IS?
• China, on the other hand, is headed for an
average growth rate of 5.7% a year from 2021
till 2025. Between 2026 and 2030, it is
expected to slow down to 4.5% a year.

• Japan is expected to remain the third-largest

economy until the early 2030s, when India could
overtake it, pushing Germany to the fifth spot.
EARLY LIFE