The global economy is set to surpass $ 100 trillion for the first time in 2022, two years earlier than previously thought, according to the Center for Economics and Business Research, according to Bloomberg.
Global GDP will be boosted by the continuing recovery from the pandemic, and if inflation persists, it may be difficult for policymakers to avoid turning their economies into recession, according to the London-based think tank.
“The key issue for the 2020s is how global economies will deal with inflation,” said Douglas McWilliams, CEBR Vice President. “We hope that a relatively modest adjustment will bring non-temporary data under control. If not, then the world will have to prepare for a recession in 2023 or 2024.”
The CEBR also provided that:
– China will overtake the US in 2030, two years later than expected a year ago.
– India will regain sixth place from France next year and will become the third largest economy in 2031, a year later than previously forecast.
– The United Kingdom is well on its way to being 16% bigger than France in 2036, despite Brexit.
– Germany will surpass the Japanese economy in 2033.
– Climate change will reduce consumer spending by 2 trillion. dollars per year on average by 2036, as companies pass on the cost of investing in carbon offset.
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Source From: Capital
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