Thursday, October 18, 2018

Can china replace US as world’s economic power? / 이종서/ JongSeo Lee

Q. Can china replace US as world’s economic power?

Answer...

Without slowing economic development, I think China's economic situation could turn around the U.S. China's economic growth rate is 6.6 percent as of 2017, almost double compared to Korea's 3.1 percent. In addition, the International Monetary Fund (IMF) has lowered its global economic growth forecast for 2018-2019 by 0.2 percentage points to 3.7 percent. On the other hand, the Federal Reserve Bank of Atlanta expects the U.S. growth rate to reach 4 percent in the third and fourth quarters after recording 3.2 percent in the first half of this year. Such differences in economic growth may reverse the economic situation between the two countries, but I think it is almost impossible because the U.S. cannot without economic and political pressure. 

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