CHINA is set to dominate the global economy as it becomes the richest country in the world by 2032, experts have revealed.
The United States will be overtaken as the most powerful economy in the world as China’s strong growth continues, according to the Centre for Economics and Business Research.
World Bank lead economist John Litwack said: “China has maintained its growth resilience and gained reform momentum.”
The UK-based think tank revealed what they expect to be the world’s 10 biggest economies in 2032, with the USA sitting in second behind the communist superpower.
India, Japan, Germany and Brazil make up the rest of the top six ahead of the UK in seventh.
China’s growth has been partly driven by the “new economy” with internet firms succeeding with massive growth of 16 per cent in the last decade, the Chinese Academy of Social Sciences said. The report claimed that President Donald Trump’s isolationist trade agenda will contribute to its downfall as the world biggest economy.
The UK think tank said: “The impact of President Trump on trade has been less severe than expected, the USA will retain its global crown a year longer than we anticipated in the last report.”
South Korea and India will both climb four places, with Seoul making its first appearance in the top 10 and eighth.
The rise of Asian economies is reflected in the gloomy fortunes of the former global powers of Europe.
Benefits for most other taxpayers would be smaller, but the President attempted to sell the bill as a “Christmas present” for middle-class Americans in part because it would trigger job growth.
President Trump told reporters on the White House lawn before travelling to Camp David for the weekend: “It’ll be fantastic for the middle-income people and for jobs, most of all.”
He also predicted the legislation would cause the economy to soar beyond its current 3 per cent rate of growth. Many economists believe that attaining that would be challenging – the nation last topped 5 per cent in 1984.
The Republican plan is the widest-ranging reshaping of the tax code in three decades and is expected to add to the nation’s $20trillion (£15trillion) debt. The tax cuts are projected to add $1.46trillion over a decade.
China Economy News
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