The Chinese economy is set to surpass the American economy in 2028 – five years earlier than expected. This unprecedented Chinese dominance is credited to the ongoing COVID-19 situation which has worsened in America.
Millions of Americans have lost their jobs because of the current COVID-19 situation, as the death toll continues to rise.
Meanwhile, China is looking forward to its economic boom in the post-COVID-19 world. The South Asian economic giant has outsmarted America in addressing the COVID-19 situation much better than the US.
A UK based consultancy group estimated that China’s economy grew by 2% in 2020. This growth was recorded at a time when countries across the world were struggling with their economies.
The result-oriented strategies to counter the COVID-19 pandemic has led China to consolidate her economic dominance over the rivals, especially the United States. This situation is not only relevant to China but all the Asian countries and their economies. America was hard hit by a coronavirus and is still facing the threat of increasing cases. Although China’s global GDP has increased by more than 14% in the past two decades, the standard of living is still questionable.
It is important to note that India can overtake the UK economy by 2024 after seeing a setback in 2020 because of currency devaluation. With the economic boom in Asian countries, Western countries need to realize the importance of this wake-up call.