China is expected to leapfrog the United States as the world’s top economy by 2030. For several years, the country has been showing great performance, narrowing the gap with its biggest rival.
In fact, China was the only economy to expand in 2020. Thanks to swift and strict actions aimed to control the spread of Covid-19, the country bounced back quickly from its adverse effects. All this gives the Chinese economy a head start over the US in the race for global dominance.
Experts foresee China’s gross domestic product to soar by 8.2% this year. If the second world’s largest economy maintains the same pace of economic growth, it will outperform the US by 2030. The coronavirus pandemic delivered a severe blow to the American national economy, while the same cannot be said about the Chinese one.
At the same time, the US is unlikely to allow China to replace itself without a fight. Throughout its history, the American economy has faced similar challenges, but it has always emerged as a winner.