{"id":91450,"date":"2020-12-27T06:50:31","date_gmt":"2020-12-27T11:50:31","guid":{"rendered":"https:\/\/PERSIAN-HERITAGE.COM\/?p=91450"},"modified":"2020-12-27T06:50:31","modified_gmt":"2020-12-27T11:50:31","slug":"auto-draft-395","status":"publish","type":"post","link":"https:\/\/PERSIAN-HERITAGE.COM\/en\/2020\/12\/27\/auto-draft-395\/","title":{"rendered":"Chinese economy to overtake US &#8216;by 2028&#8217; due to Covid"},"content":{"rendered":"<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p><b class=\"css-14iz86j-BoldText e5tfeyi0\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-91451 alignleft\" src=\"https:\/\/PERSIAN-HERITAGE.COM\/wp-content\/uploads\/2020\/12\/Chinese-Economy-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/PERSIAN-HERITAGE.COM\/wp-content\/uploads\/2020\/12\/Chinese-Economy-300x200.jpg 300w, https:\/\/PERSIAN-HERITAGE.COM\/wp-content\/uploads\/2020\/12\/Chinese-Economy-150x100.jpg 150w, https:\/\/PERSIAN-HERITAGE.COM\/wp-content\/uploads\/2020\/12\/Chinese-Economy.jpg 600w, https:\/\/PERSIAN-HERITAGE.COM\/wp-content\/uploads\/2020\/12\/Chinese-Economy-24x16.jpg 24w, https:\/\/PERSIAN-HERITAGE.COM\/wp-content\/uploads\/2020\/12\/Chinese-Economy-36x24.jpg 36w, https:\/\/PERSIAN-HERITAGE.COM\/wp-content\/uploads\/2020\/12\/Chinese-Economy-48x32.jpg 48w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>BBC \u2014 China will overtake the US to become the world&#8217;s largest economy by 2028, five years earlier than previously forecast, a report says.<\/b><\/p>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p>The UK-based Centre for Economics and Business Research (CEBR) said China&#8217;s &#8220;skilful&#8221; management of Covid-19 would boost its relative growth compared to the US and Europe in coming years.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p>Meanwhile India is tipped to become the third largest economy by 2030.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p><a class=\"css-yidnqd-InlineLink e1no5rhv0\" href=\"https:\/\/cebr.com\/service\/macroeconomic-forecasting\/\">The CEBR releases its economic league table<\/a> every year on 26 December.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p>Although China was the first country hit by Covid-19, it controlled the disease through swift and extremely strict action, meaning it did not need to repeat economically paralysing lockdowns as European countries have done.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p>As a result, unlike other major economies, it has avoided an economic recession in 2020 and is in fact estimated to see growth of 2% this year.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"unordered-list-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<div class=\"css-1pzprxn-BulletListContainer e5tfeyi3\">\n<ul role=\"list\">\n<li><a class=\"css-yidnqd-InlineLink e1no5rhv0\" href=\"https:\/\/www.bbc.co.uk\/news\/business-55140845\">&#8216;China is a hard rock. It won&#8217;t be beaten by virus&#8217;<\/a><\/li>\n<li><a class=\"css-yidnqd-InlineLink e1no5rhv0\" href=\"https:\/\/www.bbc.co.uk\/news\/world-us-canada-55447731\">Millions of Americans face jobless benefits lapse<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p>The US economy, by contrast, has been hit hard by the world&#8217;s worst coronavirus epidemic in terms of sheer numbers. More than 330,000 people have died in the US and there have been some 18.5 million confirmed cases.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p>The economic damage has been cushioned by monetary policy and a huge fiscal stimulus, but political disagreements over a new stimulus package could leave around 14 million Americans without unemployment benefit payments in the new year.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-18mjolk-ComponentWrapper e1xue1i80\" data-component=\"include-block\"><img loading=\"lazy\" decoding=\"async\" class=\"css-evoj7m-Image ee0ct7c0 aligncenter\" src=\"https:\/\/ichef.bbci.co.uk\/news\/1632\/idt2\/idt2\/108ae720-c300-4816-b201-437152985bb9\/image\/816\" srcset=\"https:\/\/ichef.bbci.co.uk\/news\/920\/idt2\/idt2\/108ae720-c300-4816-b201-437152985bb9\/image\/460 920w,https:\/\/ichef.bbci.co.uk\/news\/1280\/idt2\/idt2\/108ae720-c300-4816-b201-437152985bb9\/image\/640 1280w,https:\/\/ichef.bbci.co.uk\/news\/1632\/idt2\/idt2\/108ae720-c300-4816-b201-437152985bb9\/image\/816 1632w\" alt=\"US and Chinese economies 2010-2035. Gross domestic product in $US trillions (constant prices). Chart shows Chinese and US economic output over time with China overtaking the US around 2028 .\" width=\"683\" height=\"557\" \/><\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p>&#8220;For some time, an overarching theme of global economics has been the economic and soft power struggle between the United States and China,&#8221; says the CEBR report. &#8220;The Covid-19 pandemic and corresponding economic fallout have certainly tipped this rivalry in China&#8217;s favour.&#8221;<\/p>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p>The report says that after &#8220;a strong post-pandemic rebound in 2021&#8221;, the US economy will grow by about 1.9% annually from 2022-24 and then slow to 1.6% in the years after that.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p>By contrast the Chinese economy is tipped to grow by 5.7% annually until 2025, and 4.5% annually from 2026-2030.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p>China&#8217;s share of the world economy has risen from just 3.6% in 2000 to 17.8% now and the country will become a &#8220;high-income economy&#8221; by 2023, the report says.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p>The Chinese economy is not only benefitting from having controlled Covid-19 early, but also aggressive policymaking targeting industries like advanced manufacturing, said CEBR deputy chairman Douglas McWilliams.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p>&#8220;They seem to be trying to have centralised control at one level, but quite a free market economy in other areas,&#8221; he told the BBC. &#8220;And it&#8217;s the free market bit that&#8217;s helping them move forward particularly in areas like tech.&#8221;<\/p>\n<\/div>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<p>But the average Chinese person will remain far poorer in financial terms than the average American even after China becomes the world&#8217;s biggest economy, given that China&#8217;s population is four times bigger.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-mysbf6-ComponentWrapper-CrossheadComponentWrapper e1xue1i84\" data-component=\"crosshead-block\">\n<h2 class=\"css-qozapo-StyledHeading e1fj1fc10\">In other predictions:<\/h2>\n<\/div>\n<div class=\"css-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"unordered-list-block\">\n<div class=\"css-83cqas-RichTextContainer e5tfeyi2\">\n<div class=\"css-1pzprxn-BulletListContainer e5tfeyi3\">\n<ul role=\"list\">\n<li>The post-Brexit UK economy will grow by 4% annually from 2021-25 and 1.8% annually from 2026-30 (after shrinking in 2020)<\/li>\n<li>India had overtaken the UK as the fifth-biggest economy in 2019 but has slipped behind it again due to the pandemic&#8217;s impact. It won&#8217;t take over again until 2024, the CEBR says<\/li>\n<li>India&#8217;s economy will go on to overtake Germany in 2027 and Japan in 2030<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>BBC \u2014 China will overtake the US to become the world&#8217;s largest economy by 2028, five years earlier than previously forecast, a report says. The UK-based Centre for Economics and Business Research (CEBR) said China&#8217;s &#8220;skilful&#8221; management of Covid-19 would boost its relative growth compared to the US and Europe in coming years. Meanwhile India [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":91451,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[10],"tags":[],"class_list":["post-91450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latests"],"translation":{"provider":"WPGlobus","version":"3.0.2","language":"en","enabled_languages":["fa","en"],"languages":{"fa":{"title":true,"content":false,"excerpt":false},"en":{"title":true,"content":true,"excerpt":false}}},"_links":{"self":[{"href":"https:\/\/PERSIAN-HERITAGE.COM\/en\/wp-json\/wp\/v2\/posts\/91450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/PERSIAN-HERITAGE.COM\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/PERSIAN-HERITAGE.COM\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/PERSIAN-HERITAGE.COM\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/PERSIAN-HERITAGE.COM\/en\/wp-json\/wp\/v2\/comments?post=91450"}],"version-history":[{"count":2,"href":"https:\/\/PERSIAN-HERITAGE.COM\/en\/wp-json\/wp\/v2\/posts\/91450\/revisions"}],"predecessor-version":[{"id":91453,"href":"https:\/\/PERSIAN-HERITAGE.COM\/en\/wp-json\/wp\/v2\/posts\/91450\/revisions\/91453"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/PERSIAN-HERITAGE.COM\/en\/wp-json\/wp\/v2\/media\/91451"}],"wp:attachment":[{"href":"https:\/\/PERSIAN-HERITAGE.COM\/en\/wp-json\/wp\/v2\/media?parent=91450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/PERSIAN-HERITAGE.COM\/en\/wp-json\/wp\/v2\/categories?post=91450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/PERSIAN-HERITAGE.COM\/en\/wp-json\/wp\/v2\/tags?post=91450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}