The global economy will be worth over $100 trillion for the first time in 2022

Sunday December 26, 2021 11:53

Global economic output will exceed $100 trillion for the first time in 2022. This is according to the schedule of the World Economic Association of British consultancy Saber, published on Sunday.

Global GDP expressed in dollars will also be higher next year than it was before the coronavirus pandemic. Cebr, the Center for Economics and Business Research, predicts that the $100 trillion mark will not be crossed until 2024.

However, it will take longer before China becomes the largest economy in the world and thus leaves the United States behind, the consultancy also predicts, namely in 2030 only.

India will overtake France in the rankings next year and the United Kingdom in 2023, making it the sixth largest economy in the world. Siber expects Germany to become the world’s third largest economy by 2033, after Japan.

In 2036, Russia will be among the world’s ten largest economies, while Indonesia will already be in the top ten in 2034, ninth, according to the report.

An important issue in this decade, Siber said, is how countries deal with inflation. If the non-temporary effects cannot be controlled, it could lead to a global recession in 2023 or 2024.

Holland and Belgium

For the Netherlands, Saber forecasts an average growth rate of 2.1 percent between 2022 and 2026 and an average growth rate of 1.6 percent annually thereafter until 2036. Disruptions in global trade pose a risk to the Dutch economy, as well as climate change, given the line Relatively long coastline. Siber believes that the Netherlands will return to its current 18th place on the World Economic Association table in 2036, after a slight dip in the intervening years.

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According to the consultancy, growth in Belgium will average 1.8 percent per year between 2022 and 2026. Growth will then slow to an average of 1.3% per year until 2036. Due to this growth forecast, Belgium will drop in the rankings from the current 25th place to 31st place in 2036, according to Cebr, which finds government debt of 113.4 percent of Belgium’s GDP in 2021 alarmingly high.

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Megan Vasquez

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