22:15 | 26/12/2021 Print
|The world's economic output will exceed $100 trillion for the first time next year|
The world economy is set to surpass $100 trillion for the first time in 2022, according to the Centre for Economics and Business Research.
Global gross domestic product (GDP) will be lifted by the continued recovery from the pandemic, although if inflation persists it may be hard for policy makers to avoid tipping their economies back into recession, the economic consultant added.
The CEBR said climate change will lower consumer spending by $2 trillion a year on average through 2036 as companies pass on the cost of decarbonizing investment.
The International Monetary Fund expects the world output to expand by 5.9 per cent this year and 4.2 per cent in 2022. CEBR, however, expects global economic growth of 4.2 per cent next year, up from 3.4 per cent it predicted a year ago.
|Top 10 largest economies in the world over next years, CEBR report and prediction|
(In its annual World Economic League Table)
1.China will overtake the U.S. in 2030
British consultancy Cebr olso predicted China will overtake the United States as the number 1 economy in the world, in dollar terms in 2030, two years later than forecast in last year's World Economic League Table report.
It expects China's economy to grow 5.7 per cent annually from 2020 to 2025, then by 4.7 per cent per year between 2025 and 2030 and 3.8 per cent annually in the 2030-2035 period.
India will regain sixth position from France next year and become third largest economy in 2031, a year later the previously predicted.
The London-based think tank said, over the next 15 years, India will see an improvement in its ranking in the World Economic League Table (WELT), rising from 7th place in 2021 to be the world’s third-largest economy in 2036.
India will again take over France to regain its 6th place in WELT ranking for 2022, which it briefly lost to France in 2021, the CEBR added.
The think tank said, the COVID-19 pandemic has been nothing short of devastating for the country. Indeed, India has the third highest death toll worldwide, ranking behind the US and Brazil.
3.The U.K. is on track to be 16% larger than France in 2036 despite Brexit
4.Germany will overtake the Japanese economy in 2033
5.Russia could become a Top 10 economy by 2036 and Indonesia looks on track for ninth place in 2034.
6.Saudi Arabia will be in the 17th spot, while the UAE will be the world’s 33rd largest economy, a place behind Israel and two places ahead of Iran in 2036, as per the index.
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