U.S. growth may surpass China for the first time since 1976

According to a Bloomberg report, China's GDP is forecast to grow only 2 percent this year. U.S. GDP could grow by 2.8%. Quarantine in many regions of China has put serious pressure on the country's economy.

The U.S. continues to struggle with four decades of record inflation. Bloomberg expects that states will be able to keep GDP growth going thanks to a strong labor market and consumer spending. However, it is worth remembering the first quarter data with a 1.4% drop in GDP.

China's policy of zero tolerance for COVID-19 in turn leads not only to the closure of major industrial regions. The worsening supply chain bottlenecks are slowing down both the global economy and China's economy in particular.

China's reforms since the 1970s have led to a dramatic increase in gross domestic product. But the gap in GDP per capita between China and the U.S. is a "chasm," indicating some advantages of the states' economies.