Global economic output will pass the $ 100 trillion mark for the first time next year. However, it will take China a little longer to get to the top of the world economy.
That emerges from a report by British consultancy Cebr, which predicted that China will oust the US as the world’s leading economy in 2030 in US dollars. As Reuters noted, this is two years later than the forecast in last year’s World Economic League Table report.
India will overtake France next year and Britain in 2023 to reclaim its place as the world’s sixth largest economy, according to Reuters, according to the Cebr report. Germany is well on its way to outperform Japan in terms of economic performance in 2033, with Russia climbing into the top 10 economies three years later. Indonesia could rank ninth on the list in 2034.
“The big issue for the 2020s is how the global economies deal with inflation, which has now reached 6.8% in the US,” said Douglas McWilliams, vice chairman of Cebr, according to the report. “We hope that a relatively modest adjustment of the drawbar will get the non-volatile elements under control. If not, the world will have to prepare for a recession in 2023 or 2024. “
Also read: Inflation hits 39 year high with CPI up 6.8%
That 6.8% figure represented the highest rate of inflation in nearly 40 years.
“These are shockingly high inflation numbers the likes of which we haven’t seen in decades,” Allen Sinai, chief global economist and strategist at Decision Economics, told the Wall Street Journal (WSJ) earlier this month.
At present, inflation is being fed by a strong economy, which is to be viewed as positive.
“We have huge consumer spending,” Sinai told WSJ. “Lots of people are hired. The demand is huge. Monetary policy remains very simple and fiscal stimulus has no historical precedent. “
Inflation has contributed to an increase in economic pessimism. 40 percent of people said they see the economy grim this fall, up from 32 percent in the spring.
Read more: 40% of consumers are pessimistic about the economy, up from 32% in May
NEW PYMNTS DATA: AUTHENTICATION OF IDENTITIES IN THE DIGITAL ECONOMY – DECEMBER 2021
About:More than half of US consumers believe that biometric authentication methods are faster, more convenient, and more trustworthy than passwords or PINs – so why are they using less than 10%? PYMNTS, in collaboration with Mitek, surveyed more than 2,200 consumers to better define this perception and usage gap and to find out how companies can increase usage.