China is expected to overtake US Economy in 2033, according to Centre for Economics and business Research report.
According to Centre for Economics and Business Research (CEBR)’s report, China is expected to overtake US economy in 2033.
The USA in 2019 reached 24.8% of world GDP, its largest Share of the world economy since 2007. And the US is now expected to remain the World’s Largest economy throughout the 2020s and is to be overtaken by China only in 2033, three years later than we forecast two years ago, the UK based economics consultancy CEBR said in its report.
It also said that it is not expecting China to go into recession in 2020 and, although Chinese growth will slow as a result of demographics and greater concentration on quality of life.
However, it is expecting China to become the world’s largest economy in 2033.
The share of the US economy had risen to 24.8% in 2019, highest share since 2007. And it is now forecast to remain the world’s largest economy throughout the 2020s, only being overtaken by China in 2033, the report stated.
China had a difficult 2019 with growth slowing and Beijing property prices falling. At the end of 2019, however, growth seems to have started to recover and the prospects for 2020 are improving, the report added.
When it comes to Indian economy, it is expected to overtake Germany to become the 4th largest economy in 2026.
India has decisively overtaken France and the UK to become the world’s fifth-largest economy in 2019.