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. China looked set for average economic growth of 5.7% a year from 2021-25 before slowing to 4.5% a year from 2026-30. In its World Economic League Table, the consultancy also calculated that China could become a high-income economy as soon as 2023. That should prompt Western economies to pay much more attention to what is happening in Asia, according to the report. “Typically, we compare ourselves with other Western economies and miss out on what often is best practice, especially in the rapidly growing economies in Asia," it said.

Source: Mint December 26, 2020 00:45 UTC