London, Dec. 26 (BNA): Global economic output will exceed $100 trillion for the first time next year, and it will take a little longer than previously thought to overtake the United States as the number one economy, a report in the British Guardian showed. Sunday.
British consulting firm Saber has predicted China will become the world’s largest economy by dollar value in 2030, two years after forecasts in last year’s World Economic Association schedule report.
Saber said India looks set to overtake France next year, and then Britain in 2023 to regain its position as the world’s sixth largest economy.
“The important issue for the 2020s is how the world’s economies deal with inflation, which is now at 6.8% in the United States,” Saber Vice Chairman Douglas McWilliams was quoted as saying by Reuters.
“Hopefully, a relatively modest tweak to the tiller will bring the non-temporary elements under control. If not, the world will need to prepare for a recession in 2023 or 2024.”
The report showed that Germany is on track to overtake Japan in terms of economic output in 2033. Russia could become among the top 10 economies by 2036 and Indonesia is looking forward to ninth place in 2034.
HF