World economy to top $100 trillion in 2022, for the first time

As the pandemic continues to flare, the global economy is poised to stage its most robust post-recession recovery in 80 years in 2021. But the rebound is expected to be uneven across countries, as major economies look set to register strong growth even as many developing economies lag. Growth among emerging market and developing economies is expected to accelerate to 6% this year, helped by increased external demand and higher commodity prices.

However, the recovery of many countries is constrained by resurgences of COVID-19, uneven vaccination, and a partial withdrawal of government economic support measures. Global economy is projected to grow at a record speed. By the end of 2021 or early 2022, we expect the global economy to revert to its pre-pandemic level of output. At one end of the spectrum is the Chinese economy, which is already bigger compared to its pre-pandemic size. On the other end are mostly advanced economies which are either service-based (UK, France, Spain) or more focused on exporting capital goods (Germany, Japan) and are unlikely to recover to their pre-crisis levels by the end of the year.

The world's economic output will exceed $100 trillion for the first time next year, as per the report from British consultancy Cebr. Global gross domestic product will be lifted by the continued recovery from the pandemic, although if inflation persists it may be hard for policy makers to avoid tipping their economies back into recession, the London-based think tank said. India is set to overtake France next year and Britain in 2023, the move will help India in regaining its place as the world’s sixth-biggest economy.

Further, Cebr predicted that China will become the world's top economy in dollar terms in 2030. The important issue for the 2020s is how the world economies cope with inflation, which has now reached 6.8% 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 become a Top 10 economy by 2036 and Indonesia looks on track for ninth place in 2034.