* The latest GDP reports show that of the U.S. fell by 2.3% in 2020, while China’s grew by 2.3% amid the coronavirus pandemic.
* The divergence means China will likely overtake the U.S. as the world’s largest economy a few years earlier than anticipated, economists said.
* However, they pointed out the two countries have different economic structures, and China’s per capita GDP is still far below that of the U.S.
BEIJING — China is set to overtake the United States as the world’s largest economy a few years earlier than anticipated due to the coronavirus pandemic, analysts said.
The U.S. reported last week that gross domestic product in 2020 contracted by 2.3% to $20.93 trillion in current-dollar terms, based on a preliminary government estimate.
In contrast, China said its GDP expanded by 2.3% last year to 101.6 trillion yuan.
That’s about $14.7 trillion, based on an average exchange rate of 6.9 yuan per U.S. dollar, according to Wind Information data.
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WNU Editor: The above prediction is based on low to negative U.S. economic growth, and continued major Chinese GDP growth from now till 2028. I doubt that these trends will continue. The Chinese economy is not as strong as many like to believe. And the US economy has always shown itself throughout history to have the capacity to have sustained major growth with the proper government financial/tax/and monetary policies.
