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Global economy to surpass $ 100,000 billion in 2022 for the first time: report

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Global economy to surpass $ 100,000 billion in 2022 for the first time: report

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Global economic output will exceed $ 100,000 billion for the first time next year, and it will take China a little longer than previously thought to overtake the United States as the largest economy, according to a report released on Sunday.

British consulting firm Cebr predicted that China would become the world’s largest economy in dollar terms by 2030, two years later than predicted in last year’s World Economic League Table report.

India is expected to overtake France next year and then Britain in 2023 to regain its place as the world’s sixth-largest economy, Cebr said.

“The important question for the 2020s is how the world economies cope with inflation, which has now reached 6.8% in the United States,” said Cebr vice president Douglas McWilliams.

“We hope that a relatively modest tiller adjustment will bring the non-transient elements under control. Otherwise, the world will have to brace for a recession in 2023 or 2024.”

The report showed that Germany is on track to overtake Japan in terms of economic output in 2033. Russia could become one of the top 10 economies by 2036 and Indonesia is on track for ninth place in 2034.

(Edited by : Aditi Gautam)

First publication: STI

Global economy to surpass $ 100,000 billion in 2022 for the first time: report

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