China’s 2020 GDP means it will overtake U.S. as world’s No. 1 economy sooner than expected – By Naomi Xu Elegant (Fortune) / January 18 2021
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China’s standout economic growth in 2020’s pandemic-battered global economy has led analysts to update their forecasts for when China will overtake the U.S. as the world’s largest economy to as early as 2026.
On Monday, China reported a year-on-year increase of 6.5% for the fourth quarter of 2020 and a 2.3% increase for all of 2020, surpassing analysts’ forecasts and making China the the only major economy to log positive growth in 2020.
Nomura Holdings had estimated China’s economy would surpass the U.S.’s in 2030, but China’s economic performance in 2020 caused the firm to shorten that timeline to 2028, extrapolating from International Monetary Fund projections, or to as early as 2026 if renminbi appreciation continues.
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