World economy to surpass US$100tn in 2022

In 2022, the world economy is set to cross US$100 trillion for the first time,two years earlier than it was predicted, according to the Centre for Economics and Business Research.  

Post-pandemic, the global gross domestic product has shown signs of increasing gradually though if inflation persists, there may be chances of the economies landing into recession, said the London-based think tank. 

The predictions are in alignment with the estimates of the International Monetary Fund who also said that the global GDP will surpass US$100 trillion by the year 2022. 

The CEBR also made the following predictions: 

• China will overtake the US in the year 2030, which is two years later than the initial timeline. 
• India will surpass France in 2022 and will become the third largest economy by 2031, which is also a year later than previously predicted. 
• The UK is 16% larger and is expected to overtake France by 2036 in spite of Brexit. 
• Germany will overtake Japan by 2033.
• The climate change initiative will lower consumer spending by US$2trillion a year on an average as companies pass on the cost of decarbonizing investment through 2036.