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Washington’s exceptional arrogance during the coronavirus outbreak will have lasting economic consequences.
Five years earlier than previously estimated, China will overtake the United States to become the world's largest economy in 2028, due to the contrasting recovery of the two countries from the COVID-19 pandemic, a group of experts has said.
"For some time, a dominant theme of the global economy has been the economic struggle between the United States and China," the Center for Business and Economic Research (CEBR) said in an annual report released Saturday.
"The COVID-19 pandemic and the corresponding economic consequences have certainly tipped this rivalry in China's favor," he added.
The CEBR noted that China's "skillful management of the pandemic," with its swift lockdown measures, and the impact of COVID-19 on long-term growth in the West, meant that China's relative economic performance had improved.
China appears to be on track to grow an average of 5.7% annually between 2021 and 2025 before slowing down to 4.5% annually between 2026 and 2030.
China funneled the entire might of its means of production, which it controls, into building hospitals, deploying workers, & distributing free healthcare to defeat COVID-19 & serve the people—not profit. Read about how Chinese socialism defeated COVID-19— https://t.co/ZjqEoBmMqf
A must read: @vijayprashad and @JohnRoss43 examine the diametrically opposed pandemic responses of China and the U.S.—pointing to the socialist character of China's political economy as the decisive factory in its victorious "people's war" on COVID-19: https://t.co/VgDTLccbU3