The Chinese economy is set to overtake the United States faster than previously expected after the coronavirus pandemic is better than the West, according to the Economic and Business Research Center.
The organization said on Saturday that the world’s largest and second-largest economies are on their way to trading in dollars in 2028, five years earlier than expected a year ago.
In the World Economic Association table, the consulting firm also calculated that China could become a high-income economy sooner by 2023. To bolster Asia’s growing strength, India is set to rise in the world rankings to become the No. 3 economy at the end of the decade.
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Chinese President Xi Jinping said last month that it was “entirely possible” for his economy to double in size by 2035 under his government’s new five-year plan, which aims to achieve “modern socialism” within 15 years.
China was the first economy to suffer a pandemic hit, but it recovered quickly, according to government data. This should prompt Western economies to pay more attention to what is happening in Asia, according to the report.
“We usually compare ourselves to other Western economies and often lose track of best practices, especially in the fast-growing economies of Asia,” the report said.