Ali Hasan
2020 has been a bad year for all of us and many countries suffered heavily because of the pandemic throughout the entire year. But as 2020 ends, we have some good news for India and China respectively.
Both the countries are all set to become even larger economies than they are today. India is set to become the 3rd Largest Economy in the world by 2030 according to the Center for Economics & Business Research.
India will regain its position as the 5th largest economy by 2025 and will emerge as the 3rd largest by 2030 and will remain in that position until 2035. India overtook the UK and France to become the 5th largest economy in 2019, but lost the rank due to Covid-19 pandemic.
On the other hand, China is also expected to make some impressive improvements as an economy and superpower. China is now forecast to overtake the US economy in 2028, 5 years earlier than in 2033 as per previously forecast.
Although China was the 1st country hit by Covid-19, it controlled the disease through swift and extremely strict action, meaning it did not need to repeat economically paralyzing lockdowns as European countries have done.
As a result, unlike other major economies, it has avoided an economic recession in 2020 and is in fact estimated to see growth of 2% this year.
The US economy, by contrast, has been hit hard by the world’s worst coronavirus epidemic in terms of sheer numbers. More than 330,000 people have died in the US and there have been some 18.5 million confirmed cases.
The economic damage has been cushioned by monetary policy and a huge fiscal stimulus, but political disagreements over a new stimulus package could leave around 14 million Americans without unemployment benefit payments in 2021.
The latest World Economic League Table 2021 published by the Center for Economics & Business Research (CEBR) has forecasted for 193 countries up to 2035. It said that the working of the table has been done due to the impact of the Covid-19 pandemic on global economies.
