China will overtake the US in terms of GDP by 2034
Economy
At the end of 2022, the US economy was 42% higher than China's, and by 2034, China's GDP is expected to reach $41 trln, while the US GDP is expected to reach $40 trln, experts said.
Reuters / Hyungwon Kang
China could overtake the US in nominal gross domestic product (GDP) by 2034. This is stated in the forecast of "Focus Economics" until 2050.
The current trajectory of GDP dynamics shows that China's growth will gradually slow down to a level comparable to the US, but experts warn of serious risks to this forecast.
It is noted that high growth rates will remain in India and Indonesia. Experts say that this allows these countries to rank third and fourth in the world in terms of gross domestic product.
At the end of 2022, the level of economic development in the US was 42% higher than in China (in terms of nominal GDP and market exchange rates), and by 2034, China's GDP is expected to reach $41 trln, while the US GDP is expected to reach $40 trln.
By 2050, this difference will increase to 20 per cent (China's GDP could reach $84 trln).
The current trajectory of GDP dynamics shows that China's growth will gradually slow down to a level comparable to the US, but experts warn of serious risks to this forecast.
It is noted that high growth rates will remain in India and Indonesia. Experts say that this allows these countries to rank third and fourth in the world in terms of gross domestic product.
At the end of 2022, the level of economic development in the US was 42% higher than in China (in terms of nominal GDP and market exchange rates), and by 2034, China's GDP is expected to reach $41 trln, while the US GDP is expected to reach $40 trln.
By 2050, this difference will increase to 20 per cent (China's GDP could reach $84 trln).
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