The US may overtake China in economic growth this year for the first time in decades. The US is a developed economy with growth rates rarely reaching double digits. China, on the contrary, is a developing country with a very high growth rate. Despite such a gap, Washington stands a good chance of surpassing Beijing in 2022.
Analysts say the US economy will grow faster than China's this year for the first time since 1976. Due to the lockdown in major Chinese cities, the country risks falling behind the US in its economic development for the first time in half a century. According to forecasts, including official ones, the world's second-largest economy will grow just 2% this year. By comparison, US gross domestic product will increase by 2.8%. Such events will lead to political role reversals.
The US, despite struggling to cope with high inflation, is still hanging on by high levels of hiring and consumer spending. A slowdown in China's economy is caused by coronavirus outbreaks. “For the first time in 20 years, our economy grew faster than China's,” the US President Joe Biden said in a statement on GDP data in January. However, the US mortgage agency Fannie Mae predicts that the US economy may face a crisis as early as next year and then move into recession.