China is on course to overtake the United States as the world's biggest economy by 2028, the Center for Economics and Business Research predicted in a report released Saturday. The two countries have long been expected to swap places, but CEBR anticipates the pace has accelerated thanks to China recovering more quickly from the COVID-19 pandemic.
A year ago, the CEBR pegged 2033 as the transition year, but China's economy is expected to grow by 2 percent in 2020, the lone major global economy to expand, while the U.S. economy is expected to contract by 5 percent. The report also anticipates China will become a "high-income economy" by 2023, though living standards are expected to remain much lower than in the U.S.
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