US GDP grew by 6.3%, while China's GDP grew by just 4.6%. This means that the US is ahead of China in the race to become the world's number one economy. Bloomberg writes about this.
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Experts expected a recession in the USA
Such The result was unexpected by many analysts, who in early 2023 had expected the US economy to fall into recession. However, this did not happen, and the American economy was able to successfully overcome the consequences of the coronavirus pandemic.
The situation on the stock market also speaks in favor of the United States. US stocks hit record highs this week, while Chinese stocks have lost $6 trillion over the past three years.
China, by contrast, is struggling with a number of problems holding back its economic growth. The country is facing a real estate crisis, deflation and rising unemployment.
The main reasons for the change in leadership
The biggest reason for the change in leadership is the difference in the monetary policies of the United States and China. The US Federal Reserve raised interest rates to combat inflation, while the People's Bank of China kept rates low to stimulate the economy.