Race for global economic dominance sees ‘striking turn of fortunes’ – ex-IMF official  ...News

The assumption that China will eventually overtake the US as the world’s largest economy now seems less certain, Eswar Prasad has said The US has extended its lead over China in the race for the globe’s largest economy, Bloomberg reported on Friday.    The American economy defied forecasts in outperforming China’s last year, according to the media outlet. Many analysts had expected the US to fall into a recession following a series of interest rate hikes by the Federal Reserve, whereas China was expected to post a vibrant and rapid recovery from its Covid lockdowns.   However, the US managed to avoid a recession,

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