China And India Will Overtake U.S. Economically By 2075, Goldman Sachs Economists Say

The United States’ long-standing economic “exceptionalism” will fade as the 21st century wears onGoldman Sachs economists predicted Tuesday in a wide-sweeping outlook for the global economy, which also outlined the greatest threats to growth worldwide.

The U.S. has been the largest economy in the world by GDP since the metric came into favor in the mid-1900s. But China has grown at a far greater pace in recent decades, with its GDP growing from just 12% of the U.S.’ in 2000 to 77% last year. Though the global population reached eight billion people last month, according to the United Nations, the organization reports a significantly slowing rate of population growth, especially in wealthier countries. The U.S. population grew by just 0.1% in 2021, the lowest rate ever recorded in the country’s 246-year history, according to the Census Bureau, due to pandemic-related deaths combined with a slowing birth rate.

Long considered a foregone conclusion by most economists, the question of whether China will overtake the U.S. as the foremost economic superpower has come under renewed scrutiny recently, with some experts pointing to a recent slowdown associated with China’s stringent pandemic policies and the country’s aging population. However, Goldman still forecasts 4% GDP growth for China between 2024 and 2029 compared to 1.9% growth for the U.S., even with a downward revision.

Elon Musk, the world’s wealthiest man by our calculations, has repeatedly cautioned about what he calls “population collapse,” deeming it the “biggest problem” in the world in coming decades. Musk, the father of at least 10 children, quipped in July his prolific parenthood is him “doing my best to help the underpopulation crisis.”

Post a Comment

Previous Post Next Post

Contact Form