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PwC predicts that China will overtake the EU in terms of economic volume this year for the first time

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International consulting and audit company PricewaterhouseCoopers (PwC) expects that in 2022 China will outstrip the European Union in terms of economic volume for the first time.

According to analysts, China will maintain this position in the medium term. According to the forecast, China will also remain one of the three largest economic blocs along with the US and the EU, RBC reports.

At the same time, PwC predicts that in 2022 global GDP growth will be 4.5%.

Recall, last Tuesday, the International Monetary Fund (IMF) suggested that the eurozone economy this year will show growth of 3.9%. Thus, the assessment was lowered by 0.4 percentage points compared to the October report.

At the same time, the IMF downgraded China’s economic growth forecast for 2022 by 0.8 percentage points to 4.8%, and for 2023 by 0.1 percentage points to 5.2%.

In addition, Huang Wenzheng, a senior researcher at the Center for China and Globalization analytical center, warned that China’s population growth in 2021 was a record low, despite an active state policy to support the birth rate. If the trend does not change, the Chinese economy will be under strong pressure in 20-30 years.

Source: Rosbalt

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