World Economy: Output To Hit $100 trillion In 2022 – Report

The global economic output is expected to exceed $100 trillion for the first time in 2022 and it will take China a little longer than earlier predicted to overtake the United States as the number one economy.

This is contained in the latest  report showed by British consultancy Cebr which predicts that China will become the world’s top economy in dollar terms in 2030, two years later than forecast in last year’s World Economic League Table report.

According to Reuters, the report noted that India looks set to overtake France next year and then Britain in 2023 to regain its place as the world’s sixth biggest economy.

“The important issue for the 2020s is how the world economies cope with inflation, which has now reached 6.8% in the U.S.,”

“We hope that a relatively modest adjustment to the tiller will bring the non-transitory elements under control. If not, then the world will need to brace itself for a recession in 2023 or 2024.” said Cebr deputy chairman Douglas McWilliams.

The report showed Germany was on track to overtake Japan in terms of economic output in 2033. Russia could become a Top 10 economy by 2036 and Indonesia looks on track for ninth place in 2034.

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