Due to the ongoing pandemic and the lockdown that followed, several nations suffered huge economic losses. Not only India but the world’s biggest economy, the US also suffered from the current situation. But slowly all of them are recovering from the jolt and the current economic growth rate is satisfying. However, China, where the coronavirus was first identified, showed major growth in the recovery rate. If reports are to be believed then China can even surpass the US in terms of economic growth and also conquer the first position in the list of the world’s most powerful economies.
By 2028, china the world’s biggest economy
As per the reports by the Centre for Economics and Business Research (CEBR), by 2028 china will show massive growth in its economy, so much so that it may surpass the US in terms of the growth rate. The contrasting growth and decline rate of both countries has led to such a situation. The “skillful management of the pandemic” by the Chinese authorities has made things easier for them, said the CEBR authorities. “For some time, an overarching theme of global economics has been the economic and soft power struggle between the United States and China. The Covid-19 pandemic and corresponding economic fallout have certainly tipped this rivalry in China’s favor,” said CEBR regarding the Chinese rivalry with the US.
Europe, UK, Japan, Germany all under the economical radar
Apart from the US, several other nations who hold the 2nd, 3rd, or maybe 5th position in terms of the economy also suffered massive losses due to displacement from their position. While Germany might skip from 4th to 5th position, the UK might slip to 6th position from being at the 5th composition now. Japan might not have to leave its current 3rd position but it has also suffered from the economic jolt massively. Every country is doing its bit to recover from this pandemic and economic downfall. Hope things are going to be better soon.
For India, hopefully, things will improve soon
Eminent economist Ashima Goyal said that India is on the verge of economic recovery after it suffered a jolt in the last few fiscal quarters. She said, “We are seeing the consensus negative forecasts shrinking below double digits now. Since unlock 4 in September that prevents states from restricting interstate movements we are seeing supply chain disruptions easing and rapid pick-up in activity. Growth will turn positive in Q3 and Q4”. We can be hopeful that our country shall also bounce back to being one of the leading economically powerful countries in a few years.
The Policy Times suggestion
- If China being the first country to be hit by the virus can show such a positive economic recovery rate then every nation can attain that. Our government must also strategize actions in a way that it improves our economic growth by decent numbers.
- The primary focus must be given to bank loan rates, agricultural developments. Import and export values, rural development, etc. so that it helps our economy to reboot again.