Rising geopolitical tensions could create new dangers in the short term. Borrowing costs for developing economies, especially those with poor credit ratings, are likely to remain high as global interest rates remain at high levels.
China's GDP has overtaken the United States as the world's largest GDP, being 22% larger. Asia is consolidating its economic leadership, driven by the great growth of the Chinese economy, he says. When Biden ends his presidency at the end of this year, Chinese economy will be according to his presidency, according to the IMF.