How China Will Quietly Become The New Economic Superpower By 2028

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The UK-based Centre for Economics and Business Research forecasted that "China will overtake the US to become the world's largest economy by 2028". Let's go over this forecast, how accurate it is, and what the potential consequences this may have...

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This illness that we’ve all seen, is changing many ways that the world is run. We’ve seen a drive towards the internet. We’ve seen people starting to work from home, instead of going to offices. But one of the major changes that we’re seeing when it comes to the economy, is the rise of China.

“China will overtake the US to become the world's largest economy by 2028, five years earlier than previously forecast, a report says”. The UK-based Centre for Economics and Business Research said China's "skillful" management of the virus would boost its relative growth compared to the US and Europe in coming years.

If we look at the forecasts, China is expected to have average economic growth of 5.7% a year from 2021- 2025 before slowing to 4.5% a year from 2026- 2030. The United States however, has forecasted growth of 1.9% a year between 2022 and 2024, and then to 1.6% after that.

So the USA is growing at 2 to 3 times less than China. With this expected growth China will overtake the USA and become the largest economy in the world, within the next decade. Now this is interesting because the virus, the pandemic, the global shutdown, has benefited China a lot more than its western counterparts. So I want talk about why, I want to go deeper into the trends, and discuss why it’s so important that the USA get’s it’s act together or else the whole world could suffer…

So let’s start by taking a look at this. This graph measures GDP, gross
domestic product. This is the main way you measure how strong an economy is, because it shows you how much they produce in a given year.

So if we take a look, in 1990, it wasn’t even close between the USA and China. The USA were producing more than 10 times the amount of goods. $5.9 trillion compared to 398 billion.
2000 it was around the same story $10.2 trillion compared to 1.2. But then the 21st century rolls along and that’s when China starts to adopt capitalism more and becomes a threat to the USA.

Just over that next decade, they rose from been 1/10th of the size, to almost a half of the USA’s economy. In 2010 the USA had 15 trillion dollars of GDP, compared to China’s 6 trillion. Now fast forward to today, what’s the most recent trend that you can see. China has had another uptick in terms of growth at least when compared to the USA.

Over the next couple of years that growth is meant to continue for China and those lines are meant to meet, in 2028. That is when China is meant to take the Flagpole from the USA and become the world’s leading economy…

Now this is interesting because the pandemic has really, benefited China the most. While the USA was battling case after case, China locked things down, smothered the virus, and were able to open up their economy relatively quickly. The USA, the lockdown didn’t work as well as China, and they have taken a lot longer to start opening businesses and heating up the economy again.

So this race, between China and the USA to be the dominant economic power, China have thrown a couple of touchdowns during this pandemic. And they’re catching up on the scorecard.
Over the next decade at least when you look at what the economists are saying, they will take the batton from the USA.

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DISCLAIMER: It's important to note that I am not a financial adviser and you should do your own research when picking stocks to invest in. These are just some of my viewpoints, by no means would I recommend watching one YouTube video and then immediately buying that stock. This video was made for educational and entertainment purposes only. Consult your financial adviser.