Analysts said overtaking EU in terms of GDP is a milestone event, meaning China is now the worlds second-largest economy in every sense, even compared with a giant economic bloc such as the EU. From country perspective, China has been the worlds second-largest economy after overtaking Japan since 2010.
By 2030, China is forecast to become the world's largest economy, for now, it has just surpassed the EU. In a milestone moment, the economy of China surpassed the whole of the European Union (EU), for the first time.
There is still much work to be done to propel China to the top of the world's economy, but it is certainly possible that the Chinese economy can surpass the power of the US by 2050. It may also be too early to make definitive projections of China's future.
At the end of last year the bank revisited its calculations. It now thinks China's economy will not overtake America's until 2035 and at its high point will be only 14% bigger (see chart).
China will become the global economy's biggest growth driver in the next 5 years, doubling the US contribution, IMF says. The IMF said China will be the largest driver of global economic growth in the next five years. China will contribute 22.6% of total world growth, while the US will contribute 11.3%.
China is set to be the world's largest economy by 2030. China's push towards robotics could mean higher productivity and even faster GDP growth. Bangladesh likely to be the biggest mover in the global GDP rankings (42nd to 26th), followed by Philippines, Pakistan and Vietnam...
China's GDP should grow 5.7% per year through 2025 and then 4.7% annually until 2030, British consultancy Centre for Economics and Business Research (CEBR) forecasts. Its forecast says that China, now the world's second-largest economy, would overtake the No. 1-ranked U.S. economy by 2030.
India to overtake China as world's most populous country in April 2023, United Nations projects.
India is expected to overtake Germany in terms of GDP in 2025 and Japan in 2027 to become the third largest economy after the U.S. and China.
In other words, on a proportional basis, China is now roughly 75 percent as advanced in innovation and advanced-industry production as the United States. If this relative growth continues apace, China will surpass the United States by 2035.
From this, we can draw three main conclusions: First, despite China's impressive rise and the resulting shifts in the international system and global balance of power, China is not yet a superpower. It largely remains a regional power.
China is forecast to overtake the US as the world's largest economy by around 2035, while India is expected to become the world's second largest by 2075.
If China were on track to grow at 4–5% a year to 2050, as many seem to hold, it follows that China would be on course to become the world's most dominant economy by far. With 2–3% growth, China's future looks very different. China would still likely become the world's largest economy.
Europe's focus on its own dependence on China sometimes obscures what is mutual dependence. China also needs that relationship. The Chinese government is also concerned about economic growth and the post-pandemic recovery. China makes up about 9 percent of Europe's exports and about 20 percent of Europe's imports.
Eurozone's Economy Outpaced China and U.S. in 2022.
According to a recent report by Harvard University, “From economic complexity growth estimates, India is growing at the annual list at the rate of 7.9 percent as the fastest growing country for the coming decade.
China is expected to hold on to the number one spot. In 2050, the Asian giant is forecast to have the largest economy on the planet. With an ageing population and an annual GDP growth rate averaging just 4.4%, however, China isn't projected to enjoy the exceptional economic growth it experienced during the 2000s.
Richest Country in 2050 will be United Kingdom
The United Kingdom's Gross Domestic Product in 2050 is estimated to be 3.58 trillion US dollars, with a per capita income of 49,412 US dollars. The present gap between the British economic wealth and Germany's economic wealth will contract significantly.
Certain types of visas, particularly work and residence visas, can only be obtained at an embassy. Although Chinese passports entitle the holder to enter over 20 countries without a visa, many other sovereign states and territories ask that visitors from China meet their visa requirements.
As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th) The US could be down to third place in the global GDP rankings while the EU27's share of world GDP could fall below 10% by 2050.
India will surpass China as world's most populous country by mid-year, UN says.
China 2030 called for China to embrace liberal economic policies, including re-defining the role of its state-owned enterprises and breaking up monopolies in certain industries.
It is unlikely that China's economy will collapse if U.S. stops buying Chinese goods. Trade is an important part of any economy, and a very important part of China's economy. According to the World Bank, exports account for 20% of China's gross domestic product.
The United States is the richest country in the world with the highest GDP, as of 2021. China is the second richest country in the world with a $17.734 trillion GDP.