The world’s economic output will exceed $100 trillion for the first time next year and it will take China a little longer than previously thought to overtake the United States as the No.1 economy.
- China is predicted to become the world’s top economy in dollar terms in 2030, two years later than forecast in last year’s World Economic League Table report.
- India looks set to overtake France next year and then Britain in 2023 to regain its place as the world’s sixth biggest economy.
- The important issue for the 2020s is how the world economies cope with inflation, which has now reached 6.8% in the U.S.
- Germany was on track to overtake Japan in terms of economic output in 2033. Russia could become a Top 10 economy by 2036 and Indonesia looks on track for ninth place in 2034.
- A relatively modest adjustment to the tiller may bring the non-transitory elements under control. If not, then the world will need to brace itself for a recession in 2023 or 2024.