China will overtake the United States to become the world’s largest economy by 2028, which is expected to exceed the expectations.
This is due to the varying rate of economic recovery between the two countries from the Covid-19 crisis, as China’s skilled management in containing the epidemic and imposing a strict general closure in the country at an early date, in addition to the damage to the long-term economic growth of Western countries, which has improved the relative performance of the Chinese economy.
China is expected to achieve an average economic growth of 5.7% annually from 2021 to 2025, before slowing to 4.5% annually from 2026 to 2030, while the United States was expected to enjoy strong growth in the stage of recovery from the Corona crisis in 2021, its growth rate will drop to 1.9% annually between 2022-2024 and then to 1.6% after that period.
Japan will remain the world’s third largest economy in dollar terms, and will continue to do so until the early years of the next decade, when India will take its place, pushing Germany’s economy from fourth to fifth, as for the United Kingdom, which is currently the fifth largest in the world. The world will be ranked sixth starting in 2024.
Despite the blow to the British economy in 2021 due to its exit from the European Union single market, Britain’s GDP in dollars is expected to rise 23% higher than the GDP of France by 2035, due to Britain being the leader in the economy Digital is increasingly important.
According to reports, Europe will account for 19% of the total output of the 10 largest economies in the world in 2020, but its participation will drop to 12% by 2035, and it may reach lower rates if there is a sharp division and tension between the European Union and Britain, according to experts, the results of the epidemic’s impact on the global economy are likely to appear in the form of higher economic inflation rates, not lower growth rates.