It has become clear that the global economy is vulnerable to national or even regional turmoil, amid the crisis of supply chain accumulation caused by China's strict policies against the spread of the Corona virus, and China Now it is the number one global supplier of merchandise in the world.
According to Arabiya Net, over the past few decades, China has grown into the world's manufacturing hub and largest exporter of goods by a large margin, transforming it from an emerging market into an economic superpower.
According to the latest estimates of the International Monetary Fund's World Economic Outlook, China accounts for 18.8 percent of the world's GDP based on a purchasing power parity (PPP) measure. That's up from just 8.1% two decades ago, when both the US and the EU were miles ahead of China's economic output.
Over the past twenty years, both the United States and the European Union have seen their economic supremacy challenged, as new powers have emerged, such as China, India, and others.
While the United States saw its share of world GDP fall from 19.8 to 15.8% between 2002 and 2022, the European Union's share fell from 19.9 to 14.8% in the same period.
The gap between China and the United States and the European Union is likely to widen over the next few years, as the economic outlook for the last two years is cloudy with the possibility of a recession, while China is expected to continue growing at medium single-digit growth rates.
