In their latest annual report, the Centre for Economics and Business Research estimate China will overtake the U.S. as the world’s biggest economy in 2028.
This is five years earlier than previously estimated due to China’s faster recovery from the COVID-19 pandemic and much smaller outbreak.
“The COVID-19 pandemic and corresponding economic fallout have certainly tipped this rivalry in China’s favour,” the report says.
According to Reuters “China looked set for average economic growth of 5.7% a year from 2021-25 before slowing to 4.5% a year from 2026-30.
While the United States was likely to have a strong post-pandemic rebound in 2021, its growth would slow to 1.9% a year between 2022 and 2024, and then to 1.6% after that.”
In February, Biden took heat for saying while discussing the topic of China “the idea that they are our competition, they’re going to beat us, is bizarre.”
Biden also took heat for this exchange in 2019.
Democrat Joe Biden downplays China's threat to the U.S. economy, says while stuttering, "They're not ther-ther-ther competition for us" pic.twitter.com/GegsLrZ4U7
— Ryan Saavedra (@RealSaavedra) May 1, 2019