The world economy is set to cross the $100 trillion mark for the first time in 2022. According, the Centre for Economics & Business research, the figure will be achieved two years earlier than its forecast previously as per Bloomberg News.
The London-based leading economic consultants said that the global GDP is increasing due to continued recovery after the pandemic. Though inflation persists, it will be tough for policymakers to push back their economies in recession once again.
The CEBR deputy chairman, Douglas McWilliams, feels that the significant issue of the 2020s is to see how Bloomberg economies deal with inflation. He said that mild adjustment to the tiller would ensure that non-transitory items are kept under its control. If it is not done, the world needs to brace itself for a recession in 2023 or 2024.
The forecast for the world economy is in line with the IMF, which also predicts that the forecast gross domestic product, when measured in dollars and taking the current prices into account, will pass the $100 trillion in 2022.
The CEBR or the Centre for Economics and Business Research also predicted in the annual World Economics league Table the following:
- China will surpass the U.S. by 2030, two years later than a forecast made a year earlier.
- India is set to regain its sixth position overtaking France in 2022, and become the third-largest economy in 2031, one year later than predicted.
- Despite Brexit, the U.K. will be 16% bigger than France in 2036.
- Germany will overtake the Japanese economy by 2033
- Companies will pass in their investment for a cleaner climate to the customer resulting in lower consumer spending by $2 trillion till 2036.
