China’s rise as an economic superpower is reversing


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To put this in perspective, the world economy is expected to grow by $US8 trillion ($12.3 trillion) in 2022 and 2023 to $US105 trillion. China will account for none of that gain, the US will account for 45 per cent, and other emerging nations for 50 per cent. Half the gain for emerging nations will come from just five of these countries: India, Indonesia, Mexico, Brazil and Poland. That is a striking sign of possible power shifts to come. Moreover, China’s slipping share of world GDP in nominal terms is not based on independent or foreign sources. The nominal figures...