BEIJING – Experts say the United States is set to lose its global economicdominance and will be replaced by China that will establish itself as theworld’s biggest economy before 2032.
A report released by the London-based Center for Economics and BusinessResearch emphasized that China was already successfully moving ahead basedon an economic growth that emerged in 2007.
The report added that four other Asian nations – India, Japan, South Korea,and Indonesia – would also join China it in the top 10 global economies.
The 10 largest economies in the world in the year 2032 would be China atthe top, followed by the US, India, Japan, Germany, Brazil, the UK, SouthKorea, France and Indonesia, the report added as cited by was quoted assaying by Russia’s Sputnik news agency.
“China has maintained its growth resilience and gained reform momentum,”said John Litwack, World Bank lead economist for China, in reference toChina’s 6.8 percent gross domestic product growth in 2017.
“The authorities have undertaken a host of policy and regulatory measuresaimed at reducing macroeconomic imbalances and limiting financial riskswithout notable impact on growth,” Litwack was quoted as saying by Sputniknews agency.
Meanwhile, the Institute of Population and Labor Economics at the ChineseAcademy of Social Sciences (CASS) also found that the “new” Chineseeconomy, companies and services based on the internet, grew at anastonishing average 16.1 percent between 2007 and 2017 — twice as fast asthe overall Chinese economy.
Chinese economic growth has slowed to counter the excesses that come partand parcel with rapid economic growth: pollution, debt and incomeinequality, Sputnik added. However, China more than doubled the US’ 2017GDP growth of 3.2 percent.
Already, China has a higher real GDP than the US, but the US retains acomfortable lead of $7.4 billion in nominal GDP. But the Chinese economy isgrowing at high speed, so it’s only a matter of time before it outpaces theUS, the report added.