China To Become World’s Largest Economy by 2028 According To Leading Economic Forecasting Firm
Sheldon Filger-blogger for GlobalEconomicCrisis.com
The Center For Economics and Business Research (CEBR), a UK based consultancy firm, has issued a new forecast that projects China’s GDP will surpass that of the United States by 2028, making China the largest economy in the world. This projection is five years earlier than an earlier forecast, pointing to an accelerating decline in U.S. economic strength relative to that of the People’s Republic of China.
According to the CEBR, the primary driver in the imminent surpassing of America’s GDP by China is the impact of Covid-19. The coronavirus pandemic has impacted the U.S. more than any other national economy, creating massive financial losses, major economic dislocation and political instability that also retards future economic growth. In contrast, though the pandemic originated in the Chinese city of Wuhan, the draconian measures adopted by Beijing led in the long-term to less economic damage. The relatively low rate of Covid infections in China over the past several months has enabled America’s primary economic competitor to return to growth, while the United States in mired in a patchwork of intermittent and inconsistent lockdowns, while infection rates and mortality are at a peak.
The fact that China is now projected to have the largest GDP in the world by 2028 will have significant geopolitical consequences, as well as determine which country will have the most impact on the global economy. Thus far, there are no signs that political leaders in either the U.S., Europe or Russia have fully comprehend the seismic shift in economic power that is occurring virtually in real time, largely enabled by a global pandemic that ironically originated in China.