The idea of China‘s outstripping the United States to become the world’s largest economy has been a fixation for policymakers and economists for decades. What will happen, they argue, when the US — one of the most dynamic, productive economies — is usurped by an authoritarian regime with a three-quarters-of-a-billion-strong workforce?
Predictions of when exactly China would steal the US’s crown have come thick and fast ever since the 2008/9 financial crisis, which hampered growth in the United States and Europe for many years. Before what became known as the Great Recession, China saw double-digit annual gross domestic product (GDP) growth for at least five years. In the decade following the crisis, China’s economy continued to expand by 6%-9% annually. That is, until COVID-19 struck.
Source: ARABNEWS
