World economy to top $100 trillion in 2022 for first time: Report

India will regain sixth position from France next year and become third largest economy in 2031, says study

British consultancy CEBR predicted China will become the world's top economy in dollar terms in 2030. 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, a report showed on Sunday.

British consultancy CEBR predicted China will 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 to overtake France next year and then Britain in 2023 to regain its place as the world's sixth biggest economy, CEBR said.

“The important issue for the 2020s is how the world economies cope with inflation, which has now reached 6.8 per cent in the US,” said CEBR deputy chairman Douglas McWilliams. “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.”

 

The report showed Germany was on track to overtake Japan in terms of economic output in 2033. Russia could be a Top 10 economy by 2036 and Indo­nesia looks on track for ninth place in 2034. In last years's prediction, CEBR had said that China would overtake the US to become the world's largest economy by 2028, five years earlier than previously forecast.

CEBR had said China’s “skilful” management of Covid-19 would boost its relative growth compared to the US and Europe in coming years.