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China to overtake US as world's biggest economy by 2028, report predicts
China to overtake US as world's biggest economy by 2028, report predictsCentre for Economics and Business Research says it expects this to happen half a decade sooner than it forecast a year ago
www.yahoo.com
With the US expected to contract by 5% this year, China will narrow the gap with its biggest rival, the CEBR said. Overall, global gross domestic product is forecast to decline by 4.4% this year, in the biggest one-year fall since the second world war.
Douglas McWilliams, the CEBR’s deputy chairman, said: “The big news in this forecast is the speed of growth of the Chinese economy. We expect it to become an upper-income economy during the current five-year plan period (2020-25). And we expect it to overtake the US a full five years earlier than we did a year ago.