China to overtake US to be world’s biggest economy by 2028 due to COVID-19, says report(VIDEO)

The Centre for Economics and Business Research (CEBR), a UK-based think tank, said in its annual World Economic League Table released on Saturday that one of the impacts of the global health crisis as been “to redistribute economic momentum with Asia doing best and Europe worst”.

 China’s “skilful management of the pandemic” and the long-term impact the pandemic will have on Western growth means China’s “relative performance has improved.”

“We now think that the Chinese economy in dollar terms will overtake the US economy in 2028, a full 5 years earlier than we thought last year,” the report states.

It notes for instance that authorities reacted “vigorously” to the COVID-19 crisis, thus inflicting less damage on the economy. As a result, while most Western economies are expected to register negative growth for the year, China is forecast to record a 2 per cent growth rate.

It is then expected to grow by an annual 5.7 per cent between 2021-205 and 4.5 per cent annually from 2026 to 2030 and then 3.9 per cent the following five years.

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