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In 2022, the global GDP is expected to go past $100 trillion for the first time.

According to CEBR, China will overtake the U.S. to become the largest economy in the world by 2030. China is expected to grow 5.7% annually from 2020-25 and 4.7% annually from 2025-30.

The U.S. is currently the largest economy in the world. In 2021, the United States accounted for 16% of global GDP after adjusting for purchasing power parity. The U.S economy grew at 5.7% in 2021, and it is expected to grow at 4% in 2022, but the Omicron variant poses a downside risk.

It is expected that the U.S share of global GDP will gradually decline in the years ahead, and it will be overtaken by China as the world’s largest economy by 2030. This was expected to happen in 2028, but due to the faster than anticipated growth in the U.S, this is now expected to happen two years later than the previous estimates (WELT2021).

CEBR forecasts that India will see an improvement in its ranking in the World Economic League Table, rising from 7th place in 2021 to be the world’s third-largest economy in 2031. But at the moment, the ‘Omicron’ variant could potentially cause significant disruption to the economy.

 

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