According to IHS Inc., a global industrial data and analysis company, China will overtake US and become the world’s largest economy in 2024.
America has been the biggest leader in economy for more than a century but China is very likely to take its place due to quadrupling consumer spending in 10 years. According to IHS’s forecast estimated GDP of China will reach US$28.25 trillion (RM89.71 trillion) thus overtaking America’s US$27.31 trillion.
The expectations for China’s economy are towards rebalancing and more rapid growth in consumption. It is not only anticipated to help the structure of the domestic economy but the growth of Asia Pacific as a region as well. China is set on transforming from low-cost manufacturing transport driven economy into a higher value-added economy driven by domestic consumer demand. The Asian country also plans to focus on sectors such as technology, science and innovation.
Source: economy.bg/ therakyatpost.com