The key issue for the 2020s is how world economies deal with inflation. (file)
London:
The world’s economic output will exceed $100 trillion for the first time next year and it will take a little longer for China to overtake the United States as the No. 1 economy than ever before, a report showed on Sunday.
British consultancy Cebr predicted that China would become the world’s top economy in dollar terms in 2030, two years behind what last year’s World Economic League Tables report forecast.
Sebr said India is set to regain its position as the world’s sixth-largest economy by overtaking France next year and then the UK in 2023.
“The key issue for 2020 is how world economies deal with inflation, which has now reached 6.8% in the US,” said Douglas McWilliams, Sebr’s deputy chairman.
“We expect a relatively minor adjustment to the tiller to bring non-transient elements under control. If not, the world will need to prepare itself for a recession in 2023 or 2024.”
The report shows that 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 is on track to be ranked ninth in 2034.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)
,