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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

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.”

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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.

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.

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

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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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President Biden directs international air travelers must quarantine upon arrival

President Joe Biden has directed international air travellers to quarantine upon arrival in the United States.

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Joe Biden gains additional 4.6 million Twitter followers in less than 12 hours

The United States President Joe Biden has issued an executive order on Thursday that makes it mandatory for international air travellers to quarantine upon arrival in the US.

Similarly, the executive order also includes a directive that all interstate travellers in the US will be expected to wear a face mask. This travel order applies to airports and planes, trains, ferries, intercity buses and public transportation, but grants them the ability to issue exemptions.

READ: Here is reason Turkish Airlines was allowed to land in Abuja 

What the US President is saying in the executive order

According to a report from Reuters, President Biden’s order says, ‘‘To the extent, feasible air travellers must comply with applicable U.S. Centers for Disease Control and Prevention (CDC) guidelines concerning international travel ‘including recommended periods of self-quarantine.

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However, the executive order does not explain how it will be enforced as the implementation still remains quite hazy.

READ: A Joe Biden presidency and its impact on Nigeria’s oil

The order also directs US agencies to engage with Canada and Mexico on public health protocols for land ports of entry including implementing CDC guidelines. Almost all non-essential travel at US land borders with Canada and Mexico has been suspended till February 21.

The CDC recommends a 7-day quarantine for people arriving in the United States from nearly all countries.

READ: Biden reverses US immigration ban on Nigeria, others

Biden is directing agencies to reconsider international contact tracing requirements for U.S.-bound passengers, which was abandoned by the Trump White House, as well as the possibility of follow-up Covid-19 testing for travellers after they arrive in the United States.

In addition, the US President has also directed that all travellers including US citizens, will be required to show proof of a negative Covid-19 test before entering the country from abroad in an order that underscores the CDC policy announced last week.

READ: Air travellers across Nigerian Airports hit 8.5 million in 6-month

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What you should know

  • It can be recalled that the Trump administration had resisted calls for the enforcement of a mask-wearing requirement.
  • The Biden administration has also announced that it would reimpose coronavirus-related ban on most non-U.S. citizens arriving from European Union, Brazil, the United Kingdom.
  • This follows the lifting of the restrictions by former US President, Donald Trump through an executive order on Monday.

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Joe Biden sworn-in as the 46th President of the United States

The whole world watched in awe as Joe Biden was sworn in as the new President of the United States.

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Joe Biden has been sworn in as the 46th President of the United States.

The 78-year-old Democrat and former Vice president to Barack Obama is being sworn in after emerging the winner of last year’s Presidential elections.

Biden’s running mate, Kamala Devi Harris was sworn in as vice president by Justice Sonia Sotomayor, becoming the first woman and the first black and Asian-American person elevated to serve in a role a heartbeat from the presidency.

The inauguration took place at the US Capitol, the same building that was stormed on January 6, by Donald Trump’s violent supporters.

Trump who for months refused to conceded to Biden’s victory at the polls left the White House for the final time hours earlier and flew to Florida after making it clear weeks ago that he will not be attending the inauguration.

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Trump’s Vice, Mike Pence attended the ceremony, as he skipped Trump’s farewell military salute event at Andrews base.

The ceremony includes musical performances by Lady Gaga – who sang the national anthem – as well as Jennifer Lopez and Garth Brooks.

Former Presidents; Barack Obama, George W. Bush and Bill Clinton were all present at the inuaguration

What you should know

  • At 78, Biden is the oldest president ever to take the oath of office.
  • In his speech, Biden swore to defend the constitution and the country “against all enemies, foreign and domestic”.
  • History was made as Kamala Harris became America’s first female, first Black and first Asian American vice-president.
  • Donald Trump skipped the ceremony, becoming the first president not to attend his successor’s inauguration since 1869.

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Joe Biden to return United States to WHO on first day as President

In-coming US President, Joe Biden has resolved to immediately return the country back to the WHO after his inauguration.

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What would a Joe Biden Presidency mean for Nigeria?

The US President-elect Joe Biden plans to immediately return back the country to the World Health Organization (WHO) on the first day after his inauguration as he intends to make a sweeping review of the policies of outgoing President, Donald Trump.

This is as he intends to send top US medical expert Anthony Fauci to speak to the group in a strong rejection of Donald Trump’s snubs and criticisms during the coronavirus pandemic.

This disclosure is contained in a fact sheet released by President-elect Joe Biden’s transition team.

READ: Joe Biden gains additional 4.6 million Twitter followers in less than 12 hours

According to a report by Bloomberg, the incoming administration plans to take part in the WHO executive board meeting this week, with Fauci, the top U.S. infectious disease expert, heading the delegation and speaking.

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The statement says that as soon as the United States resumes its engagement with the WHO, the new administration will work with the body to strengthen and reform the UN health agency.

READ: Banking giant, Deutsch Bank to cut ties with President Trump

What this means

  • With these announced plans, the Joe Biden administration is showing that it intends to set a new science-based tone in seeking to reverse Donald Trump’s dismissal of strategies to mitigate the virus as well as seek international cooperation in addressing the pandemic.
  • It also further reinforces the incoming President’s earlier criticism of Trump’s handling of the pandemic especially in the early days rather than laying blames.

READ: U.S dollar stays firm, Joe Biden to unveil COVID-19 support programs

What you should know

  • It can be recalled that President Donald Trump in May 2020, announced that the US would exit the WHO because of what he said was its undue deference to China and failure to provide accurate information about the coronavirus.
  • He often referred to the UN health agency as being controlled by China and criticized their handling of the coronavirus pandemic.
  • The US had been the WHO’s largest contributor, providing $400 million to $500 million in mandatory and voluntary contributions annually, with Trump’s last year decision drawing sharp criticism in Congress, as well as from allies in Europe.

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