(3 minutes read)
- The world economy is set to surpass US $100-trillion for the first time in 2022
- If this happens, it will be two years earlier than previously forecast, according to the Centre for Economics and Business Research (CEBR)
- Global gross domestic product will be lifted by the continued recovery from the pandemic.
The world economy is set to surpass US $100-trillion for the first time in 2022. If this happens, it will be two years earlier than previously forecast, according to the Centre for Economics and Business Research (CEBR).
Global gross domestic product will be lifted by the continued recovery from the pandemic. If inflation persists, it may be hard for policy makers to avoid tipping their economies back into recession, The CEBR said.
In its annual World Economic League Table, the CEBR also predicted that China will overtake the US in 2030. This is two years later than forecast a year ago. Importantly, it said that India will regain sixth position from France next year and become the third-largest economy in 2031, a year later than previously predicted.
The study further predicted that the UK is on track to be 16% larger than France in 2036 despite Brexit and Germany will overtake the Japanese economy in 2033. Climate change will lower consumer spending by US$2 trillion a year on average through 2036 as companies pass on the cost of decarbonising investment.
