China may surpass US as world’s biggest economy by 2028

By 2028, the world’s biggest economy could be China as economic experts are predicting that it will soon surpass the US.

The Centre for Economics and Business Research made the prediction in its annual league table of the growth prospects of 193 countries.

It predicts that the value of China’s economy, when measured in dollars, will overtake that of the US by 2028. In 2019, it had predicted that this would happen in 2033.

The Centre for Economics and Business Research is a consultancy firm based in the UK. Its recent statement stems from the way China quickly shrugged off the effects of the COVID-19 pandemic.

In addition to this prediction, the group says that while the US economy is expected to contract by 5%, China’s will increase by 2%.

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In the words of Douglas McWilliams, deputy chairman of the Centre for Economics and Business Research;

“The big news in this forecast is the speed of growth of the Chinese economy. We expect it to become an upper-income economy during the current five-year plan period (2020-25).

“And we expect it to overtake the US a full five years earlier than we did a year ago.

“Other Asian economies are also shooting up the league table. One lesson for western policymakers, who have performed relatively badly during the pandemic, is that they need to pay much more attention to what is happening in Asia rather than simply looking at each other.”

However, despite this economic growth, the research points out that living standards in China will still be poorer than in the US and other Western European countries.

Additionally, the CEBR report claims that the UK will likely become the fifth biggest economy in the world by 2030, four places below China. India’s economy may drop below the UK’s by 2024 as well.