The global economy will surpass $100 trillion for the first time in 2022
It is expected that the world's economic production will surpass $100 trillion for the first time next year, and that China will take a bit longer than originally anticipated to surpass the United States as the world's leading economy.
The British consultancy Cebr estimated that China would overtake the United States as the world's largest economy in dollar terms in 2030, two years later than forecasted in the World Economic League Table study released last year.
According to the Center for Economic and Business Research, India is on track to reclaim its position as the world's sixth largest economy next year, followed by the United Kingdom in 2023.
"How the global economies manage with inflation, which has already reached 6.8 percent in the United States, is a major concern for the 2020s," said Douglas McWilliams, vice chairman of the Central Bank of the United States.
"We are hopeful that a very little change to the tiller will be sufficient to bring the non-transitory aspects under control. If this is not the case, the globe will have to prepare for a recession in 2023 or 2024, at the earliest."
Germany is on course to surpass Japan in terms of economic production by 2033, according to the analysis. Russia is on course to become a Top 10 economy by 2036, while Indonesia is on track to be the ninth largest economy in the world by 2034.
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