Global economic output to top $100 trillion for first time on record in 2022

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Global economic output to top $100 trillion for first time on record in 2022

On Sunday, survey report from a British consultancy firm, Cebr (Center for Economics and Business Research), had unveiled that the world’s entire economic output has been set to surpass a tempting $100 trillion for the first time in 2022, while China would likely to top the United States as the world’s No 1 economy by 2030, two years later than previously forecasted as a latest leg of pandemic wave appeared to have taken a larger-than-anticipated toll on both manufacturing and services sector activities in the world’s second-largest economy.

On top of that, casting fresh clouts over an unequal global growth among major G20 economies at least until 2024, survey report from the London-based business research firm also had whistled an alarming bell, signaling that a sustenance in higher inflation would likely to eat up a large chunk of gross outputs unless Central Banks could prepare their arsenals to pile up a resistance against a rancorous wave of inflation-surge.

Besides, the report underscored that the global economy might witness a recession as early as by fiscal 2023-2024, if a lingering wave of blistering inflation-surge remained unaddressed.

Global economy to top $100 trillion for the first-time next year

Breaking off the Cebr report further, India appeared to be well poised to overtake France, the bloc’s second-largest economy, alongside Britain as early as by next year, helping the world’s second-most populous economy regain its stance as the sixth-largest economy across the globe.

Besides, adding that Germany, the bloc’s largest economy, has been set to surpass Japan by 2033 and Russia could emerge as one of top ten economies by 2036, Cebr Deputy Chair Douglas McWilliams said, “The important issue for the 2020s is how the world economies cope with inflation, which has now reached 6.8% in the US.

We hope that 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”.