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Around the World

China to overtake United States as the world’s biggest economy in 2028

China is expected to go ahead of the United States to become the world’s biggest economy in 2028.

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US Election: China congratulates Joe Biden, Hudson Mining Limited, China's economy bounces back from COVID-19 slump, with a growth of 4.9% in Q3 2020
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China is expected to go ahead of the United States to become the world’s biggest economy in 2028, 5 years earlier than previously anticipated due to the contrasting recoveries of the two countries from the COVID-19 pandemic.

The 2 biggest economies in the world are on course to change positions faster than earlier expected about a year ago.

According to a report from Reuters, this disclosure was made by the Centre for Economics and Business Research (CEBR) said in an annual report published on Saturday.

READ: COVID 19: Debt Service Suspension Initiative extended to June 2021 – World Bank

What CEBR is saying

The Centre for Economics and Business Research in its report said, “For some time, an overarching theme of global economics has been the economic and soft power struggle between the United States and China. The COVID-19 pandemic and corresponding economic fallout have certainly tipped this rivalry in China’s favour.”

The CEBR said that China’s skillful management of the coronavirus pandemic, with its strict early lockdown, and the negative impact to long-term growth being experienced in the Western countries meant China’s relative economic performance had improved.

READ: Alibaba in hot water on China’s regulators probe over Ant Group

The Chinese President, Xi Jinping, had said last month that it was entirely possible for the Chinese economy to double in size by 2035 under his government’s new Five-Year Plan, which aims to achieve modern socialism in 15 years.

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China is 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.

SSKOHN

READ: CBN sequesters N349.72 billion from banks in new CRR debits

Japan is expected to remain the world’s third-biggest economy, in dollar terms, until the early 2030s when it would be overtaken by India, pushing Germany down from fourth to fifth, whereas the UK, currently the fifth-biggest economy by the CEBR’s measure, would slide down to sixth place from 2024.

The CEBR said that the pandemic’s impact on the global economy would most probably reflect in higher inflation, rather than slower growth.

READ: Ratification of AfCFTA will shape Nigeria’s international trade dynamics in 2021 – SB Morgen Report

Stanbic 728 x 90

What you should know

  • China was the first country in the world to be hit by the coronavirus pandemic, after it was discovered in Wuhan, recording many casualties. They, however, were able to recover promptly, together with some other Asian countries.
  • This is well ahead of the Western economies, some of which are seriously battling with the outbreak of the second wave of the pandemic at this moment.

READ: Remittance flows to LMICs to decline by over 14% in 2021 – KNOMAD report

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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    Around the World

    Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

    The President had visited the frontlines to share his election victory with the soldiers before the unfortunate incident.

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    President Idriss Deby of Chad has died of injuries suffered on the frontlines when some terrorists attacked the army. The President had visited the frontlines to share his election victory with the soldiers before the unfortunate incident.

    The departure of the newly re-elected President was disclosed by the AFP News Agency on Tuesday through its Twitter handle.

    It tweeted, “#UPDATE Chad’s newly re-elected President Idriss Deby Itno, in power for three decades, died Tuesday of injuries while fighting rebels in the north of the Sahel country, the army says.”

    Meanwhile, a four-star general who is a son of Chad’s slain president Idriss Deby Itno will replace him at the head of a military council, the army announced Tuesday.

    “A military council has been set up headed by his son, General Mahamat Idriss Deby Itno,” the army’s spokesman, General Azem Bermandoa Agouna, said on state radio, shortly after the announcement that the newly re-elected president had died of wounds while fighting rebels in the north of Chad.

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    Around the World

    Elon Musk loses an estimated $6bn after a Tesla car accident killed two people

    Elon Musk’s net worth dipped by $6 billion following a tragic Tesla car accident that killed two people.

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    Elon Musk, Tesla, SEC, Stock, Twitter, COVID-19: Tesla’s Elon Musk to produce ventilators as fast-spread of disease lingers
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    The second richest man in the world, Elon Musk, witnessed his wealth shed an estimated $6bn after a Tesla car was involved in an accident that led to the death of two people.

    Tesla stocks dropped by 3.8% after the news of the crash went mainstream. The resultant effect on Elon Musk’s wealth was a $5.71bn loss in a single day.

    READ: Google threatens to remove its search engine from Australia due to media code

    The Accident

    Two men lost their lives on Saturday night in Houston when their 2019 Tesla model car slammed into a tree. Police authorities on sight claimed the car might have been on autopilot due to the sitting position of the corpses.

    They also struggled to put out the fire from the Tesla car and even called Tesla for help. The death of the two men has sparked a heated argument between Tesla and its critics. Autopilot or not?

    Although police officers’ assertion that the car may have been on autopilot remains unconfirmed, it has raised serious uncertainty about the safety of Tesla’s autopilot feature and Tesla’s critics are not backing down on this.

    READ: Dealers explain why ‘Tokunbo’ Cars are expensive

    Elon Musk reacts

    Elon Musk has reacted to the news, insisting that the autopilot feature in the crashed vehicle was not enabled. According to him, the Wall Street Journal’s coverage of the accident was not professional.

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    READ: Meet the 39 years old Chinese billionaire electric car maker 

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    What you should know

    Elon Musk is now worth $183bn following the recent drop. He closed the gap on Amazon’s Jeff Bezos to $4bn early last week. The gap has widened to $14bn today.

    Stanbic 728 x 90
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