AND THIS IS WHY CHINESE RELEASED THE BIO-WEAPON CALLED COVID-19
Covid Pandemic Will Push China GDP Growth Far Beyond US, IMF Data Shows
The Covid-19 pandemic will produce lasting shifts to global growth, pushing China even more to the forefront.
The proportion of worldwide growth coming from China is expected to increase from 26.8 per cent in 2021 to 27.7 per cent in 2025, according to Bloomberg calculations using International Monetary Fund data.
That's more than 15 and 17 percentage points, respectively, higher than the US share of expected global output. India, Germany and Indonesia round out the top five largest growth engines, next year.
By 2025, the cumulative loss in output relative to the pre-pandemic projected path is projected to grow to $28 trillion.
"While the global economy is coming back, the ascent will likely be long, uneven, and uncertain," Gita Gopinath, IMF's director of research, wrote in the report.
The five nations with the highest Covid-19 death counts -- US, Brazil, India, Mexico and UK -- are forecast to suffer a total GDP decline of nearly $1.8 trillion in nominal terms and $2.1 trillion after having been adjusted for differences in purchasing power.
Living Standards
Extreme poverty is set to rise for the first time in more than two decades, and persistent output losses imply a major setback to living standards versus the pre-pandemic days, the IMF said.
"The poor are getting poorer with close to 90 million people expected to fall into extreme deprivation this year," said Ms Gopinath.
In January, before the coronavirus began spreading widely, the IMF estimated 3.3 per cent global growth this year and 3.4 per cent in 2021.
Russia, the ninth largest contributor of total growth in 2021, is poised to move up to fifth in five years as Germany's economic growth slows.
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