The British research institutions “economic and business research center” (Centre for Economics and Business Research, hereinafter referred to as CEBR) released a report predicted that China economy will replace the United States as the world’s largest economy in 2030, while India will be in the next year to catch up with Britain and France, to become the fifth largest economy in the world.
Will China economy take the place of the United States in 2030 as the world’s largest economy? Why do you see it?
The rise of China economy and India economy will change the world economic pattern, which has attracted wide attention in recent years. In December 26th, the British research institutions “economic and business research center” (Centre for Economics and Business Research, hereinafter referred to as CEBR) released a report predicted that China economy will replace the United States as the world’s largest economy in 2030, while India will overtake Britain and France in the next year, as the world’s fifth largest economy.
CEBR has made an optimistic judgement of the world economy in the next 15 years in the report. They believe that in the context of low energy prices and rapid development of science and technology, as long as avoiding major crises, the development of the world economy in the future period will surpass the past 5 years.
“The interesting thing is, there is a new trend. By 2032, 5 of the top 10 economies in the world were in Asia, the European economy was down, and the United States would lose the top position. Oliver Kolodseike, a senior CEBR economist who wrote the report, said, “in the next 15 years, technology development and urbanization will become an important factor to change the world economy”.
The report predicts that by 2032, China, India and Japan will be the world’s largest, third and fourth largest economies, respectively. South Korea and Indonesia are also going to be the top ten, while Thailand, Philippines and Pakistan are going to be the top twenty-five. India will overtake Britain and France in 2018 as the world’s fifth largest economy, and will then squeeze Germany out of the first three in 2027.
Graham Robinson, director of “global architecture observation”, who is part of the report on architecture and infrastructure, said that the huge global projects will contribute to the contribution of the construction industry to the global economy far beyond the past. China “The Belt and Road” initiatives and infrastructure projects in India construction industry will expand its contribution to global GDP, to reach 15% in 2032.
Despite being overtaken by China economy, the United States will still be the second largest economy in the world by the year 2032. The report says the impact of Trump on international trade is not as serious as it is imagined. And the impact of Britain’s left Europe was not as violent as it was imagined. The report said that in 2020, the British economy would end the temporary backwardness and overtake France.
On the other hand, many countries face challenges. Italy will be squeezed out of the top 10 economies in the world in 2023, and will fall to nineteenth in 2029. Russia has fallen from eleventh in 2017 to seventeenth in 2032, as oil prices fell. In addition, Canada will fall out of the top ten in 2032 and will be in the twelfth place.
Brice, President of the Royal Charter society of construction (Chris Blythe OBE), said that the revolutionary development of the electronics field stimulated the demand for new technology talents in many countries, and in many parts of the world, such talents were in short supply.
In a survey conducted by Reuters in October this year, economists from other countries predicted that the world economic growth rate may be 3.6% in 2018, a little more than 3.5% this year.
Related article: Analysis on the China coffee market 2017.
Abstract: In 1880s,Coffee entered China market by French. Now as coffee consumption in China increase rapidly. China coffee market are growing bigger and bigger. China coffee consumption will become a hot spot for coffee brands.
About AI Digital:
AI Digital is an award winning China digital marketing agency based in Shanghai and Sydney.Working across all aspects of the marketing solutions like Baidu SEM,Wechat marketing,Weibo marketing,Soft news marketing and so on, we will ensure you have a solid marketing strategy together with perfectly delivered campaigns. AI Digital will transform your China digital marketing to increase your lead generation, brand awareness and market engagement.