The United States became the world's largest economy in the 1920's, and for about a century that has remained true. But it is going to end soon. By about 2028, China (currently the second largest national economy) will become the largest, and the United States will drop to number two.
Here's how Bloomberg reports this:
The Chinese economy is set to overtake the U.S. faster than previously anticipated after weathering the coronavirus pandemic better than the West, according to the Centre for Economics and Business Research.
The world’s biggest and second-biggest economies are on course to trade places in dollar terms in 2028, five years earlier than expected a year ago, it said on Saturday.
In its World Economic League Table, the consultancy also calculated that China could become a high-income economy as soon as 2023. Further cementing Asia’s growing might, India is set to move up the rankings to become the No. 3 economy at the end of the decade.
