Good news for 2022: global economy to surpass $100 trillion

The Center for Economic and Business Research expects that mark to be broken thanks to the post-pandemic recovery.

(LONDON – Agencies) –  The global economy is forecast to surpass $100 trillion for the first time in 2022, two years earlier than previously forecasted, according to the Center for Economic and Business Research.

Global Gross Domestic Producer will be boosted by continued recovery from the pandemic. However, if inflation persists, policymakers may find it challenging to keep their economies from slipping back into recession, the London-based think tank said.

“The important issue for the 2020s is how global economies cope with inflation,” opined Douglas McWilliams, the center’s vice president. “We expect a relatively modest adjustment to bring the non-transitory elements under control. Otherwise, the world should brace for a recession in 2023 or 2024″, he warned.

Here are other predictions from the Center for Economic and Business Research:
– China will overtake the United States in 2030, two years later than 2020.
– Next year, India will regain sixth place from France and become the third-largest economy in 2031, one year later than previously forecast.
– DESPITE BREXIT, the UK economy is on track to be 16 percent larger than France in 2036 despite Brexit.
– Germany will overtake the Japanese economy in 2033.
– Climate change will reduce consumer spending by $2 trillion per year on average through 2036 as businesses pass on the cost of decarbonizing investment.

The Yucatan Times
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