China To Overtake US By 2028; Ushering In Dollar’s Demise?
“I will be unto Ephraim as a moth” Hosea 5:12
Clarke – I will consume them little by little, as a moth frets a garment.
Gill – which eats garments, penetrates into them, feeds on them privately, secretly, without any noise, and gradually and slowly consumes them; but at last utterly, that they are of no use and profit:
China To Overtake US By 2028; Ushering In Dollar’s Demise?
BY TYLER DURDEN: Monday, Dec 28, 2020
Americans must wake up to the ugly reality that China will overtake the US to become the world’s largest economy in 2028, five years earlier than previously anticipated, after weathering the virus pandemic much better than Western countries, according to the Centre for Economics and Business Research (CEBR), a UK-based consultancy group.
In 2017, CEBR initially reported that China would surpass the US to become the world’s largest economy by 2032. However, the pandemic and corresponding economic fallout have rapidly brought forward the economic power shift from West to East.
“The Chinese authorities reacted vigorously and as a result, the Chinese economy has sustained less economic damage than any other major economy,” CEBR wrote in the report.
“Thanks to a strict early response, China has managed to avoid re-introducing the harshest pandemic-fighting measures after the first wave,” the consultancy group continued, adding that Beijing’s “skillful management of the pandemic” may have tipped the Sino-US competition in China’s favor.
“The big news in this forecast is the speed of growth of the Chinese economy,” said Douglas McWilliams, the CEBR’s deputy chairman. “We expect it to overtake the US a full five years earlier than we did a year ago,” he added.
JPMorgan’s latest “Long-Term Capital Market Assumptions” report highlights an extended period of US “exceptionalism” – in growth, interest rates and equity market performance – may be coming to an end. As a result, we expect the dollar to weaken in most crosses over this cycle, with notable falls coming against EUR, JPY, and CNY.”
Americans must wake up to the ugly fact that China is ahead of schedule at displacing the US as the world’s greatest economic superpower.
“O Ephraim, what shall I do unto thee? . . . For your goodness is as a morning cloud, and as the early dew it goeth away” Hosea 6:4
Joel Huan
The Mystery of Ephraim 