The world economy is set to surpass $100 trillion for the first time in 2022 which would mark two years than forecasted earlier, according to the Center for Economics and Business Research (CEBR).
Global gross domestic will be lifted by the continued recovery from the pandemic even though inflation persists.
“The important issue for the 2020s is how the world economies cope with inflation,” said CEBR deputy chairman Douglas McWilliams, as reported by Bloomberg.
“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.”
In its annual World Economic League Table, the CEBR predicted that China will overtake the United States as the world’s largest economy in 2030 which marks two years later than forecasted a year ago.
India is forecasted to take sixth position from France next year and is projected to become third-largest economy in 2031.