The Center for Economics and Business Research (CEBR) released its economic forecast: economists ranked 193 countries according to their growth prospects. Despite the health crisis linked to the coronavirus pandemic, the agency notes that the Chinese economy recovered quickly, “with an expected growth of 2% in 2020”, informs the British daily The Guardian.
According to the vice president of CEBR, China’s “speed of growth” is “the big news in this forecast”. “We hope it will surpass the United States five years earlier than expected a year ago”, said Douglas McWilliams.
In more detail, the participation of Chinese economy inside GDP overall “increased from 3.6% in 2000 to 17.8% in 2019”: this “will continue to grow” while the per capita income limit may exceed $12,536. World power could become a high-income country in 2023, says french newspaper Western France.
On the other side of the Atlantic, a slowdown in the economy of the United States was expected this year: it must “contract by 5%”: consequently, the gap between world powers will narrow, observes CEBR. Finally, the global gross domestic product is expected to fall 4.4% this year. An economic decline that represents the biggest drop in a year since World War II.