World Economy To Hit $100 Trillion
The world economy is set to surpass $100 trillion for the first time in 2022, 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, although if inflation persists, it may be hard for policymakers to avoid tipping their economies back into recession.
The report predicted China will supplant the US as the world's top economy in dollar terms in 2030. That is two years later that the projection in last year's World Economic League Table report. India, meanwhile, will overtake France next year and Britain in 2023 to reclaim its spot as the sixth-biggest economy in the world. Germany is on track to surpass Japan in terms of economy output in 2023, with Russia becoming a top economy three years later. Indonesia could win the ninth place on the list in 2034.
The important issue for the 2020 is how the world economies cope with inflation, which has now reached 6.8 % in the US. 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. Also, climate change will lower consumption spending by $2 trillion a year on average through 2036 as companies pass on the cost of decarbonising investment. The recent spike in cases of virus and following lockdown are also cause of great concern for the world economy. Vaccination needs to be aggrandised. It is time for world to collaborate for upholding the momentum of the economy.