According to the Centre for Economics and Business Research-a UK based think thank, Chinese economy will overtake the U.S. economy in 2028 becoming the world’s biggest economy.
- It also said that China could become a high-income economy as soon as 2023.
- Chinese President Xi Jinping has announced that it was “entirely possible” for his economy to double in size by 2035 under his government’s new Five-Year Plan, which aims to achieve “modern socialism” in 15 years.
- India will be third largest economy by 2030: Research has said that Indian economy will again overtake the UK to become the fifth largest economy in 2025 and race to the third spot by 2030.
- India had overtaken the UK in 2019 to become the fifth largest economy in the world but has been relegated to 6th spot this year.
- The report says that Indian economy will expand by 9 percent in 2021, and another 7 percent in 2022.
- The growth trajectory will see India become the world’s third largest economy by 2030, overtaking the UK in 2025, Germany in 2027 and Japan in 2030.
