Global economy expected to exceed $100 trillion for the first time
The Center for Economics and Business Studies (CEBR) published the 2022 version of its annual World Economic League Table report.
According to the report of the Center for Economics and Business Studies (CEBR), headquartered in London, the world economy’s GDP will exceed 100 trillion dollars in 2022 for the first time. According to the report, the Turkish economy will grow by an average of 3.4 percent from 2022 to 2026.
According to the report, the world economy is preparing to exceed $100 trillion at current prices for the first time in 2022, two years earlier than previous estimates. CEBR estimated last year that the world’s GDP will exceed $100 trillion in 2024 for the first time.
China will overtake the United States to become the world’s largest economy by 2030. CEBR had predicted a year ago that China would overtake the United States by 2028.
China’s economic growth will average 5.7 percent in the period from 2020 to 2025, 4.7 percent in the 2026-2030 period and 3.7 percent in the 2030-2035 period.
According to CEBR’s projections, India will take the rank of France as the 6th largest economy in the world again next year and will become the 3rd largest economy in 2031, one year later than previously predicted. Germany, Europe’s largest economy, will surpass the Japanese economy in 2033.
In 2036, the world’s top 10 economies will be China, USA, India, Germany, Japan, England, France, Indonesia, Brazil and Russia, respectively. Benefiting from the rapid economic growth after COVID-19 in the USA, Canada 11th, South Korea 12th, Italy 13th, Australia 14th, Spain 15th, Mexico 16th, Saudi Arabia 17th, Netherlands 18th, Turkey 19th and Vietnam 20th.
Fighting inflation in the 2020s
According to the report, global GDP will rise as the recovery from the health and economic crisis caused by COVID-19 continues, but if inflation persists, it will be difficult for policymakers to prevent economies from falling back into recession.
CEBR Vice President Douglas McWilliams said, “The important issue for the 2020s is how the world economies will fight inflation.” used the phrase.
McWilliams claimed that they hoped a “modest” adjustment in monetary policy would bring non-temporary elements under control, and that the world economy would need to prepare for a recession in 2023 or 2024 if inflation is not brought under control.