For the first time in 2022, the world economy will exceed $100 trillion. A new report revealed that it will take China more time than estimated to overtake the US as the No.1 economy. Here’s all you need to know.
World Economy: New report on the top 10 economies
CEBR, a British consultancy predicted that China is set to become the world’s top economic output in terms of dollars in 2030. The new estimate is two years late compared to last year’s prediction by the World Economic League Table report. “The important issue for the 2020s is how the world economies cope with inflation, which has now reached 6.8% in the US,” said Douglas McWilliams. Mc Williams is the deputy chairman of CEBR.
“We hope that relatively modest adjustments 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,” he added. The CEBR report also reveals that Germany is on the track to overtake Japan in terms of economic output in 2033. Moreover, Russia is also on its way to becoming one of the Top 10 economies by 2036. Indonesia will take the ninth place on the list. India is going to overtake Frace in 2022 and Germany in 2023. The move will help India in regaining its place as the world’s sixth-biggest economy.