Mon. Jun 24th, 2024

John Chuks Anyim

The world economy is poised to reach a remarkable milestone in 2022, total annual GDP will soar past $100 trillion for the first time, two years earlier than previously forecast, according to the latest projections by London-based economic consulting firm CEBR.

Perhaps even more notable is that total GDP is predicted to then double to $200 trillion by 2035. In part, the current surge reflects how effectively the world’s biggest economies have adjusted to the pandemic. But rising inflation, particularly in the U.S., is playing an even bigger role in driving up GDP right now than true organic growth, says Karl Thompson, an economist at CEBR.

Looking ahead, China is expected to pass the U.S. as the world’s largest economy in 2030.

As of today USA gdp sits slightly above $20t with a national debt of over $30t,US economy shrinked 3.5 percent in 2020, worst decline since 1946
The United States economy grew in the final quarter of 2020, but it was not enough to pull it out of the red for the year.

China on the other hand has a gdp of over $17t and a national debt which is 75% lower than USA’s debt.
British consultancy Centre for Economics and Business Research (CEBR) forecasts. Its forecast says
China’s GDP should grow 5.7% per year through 2025 and then 4.7% annually until 2030.

China over the years has recorded the fastest economy growth in the history of Mankind ,a notion economists around the world regard as unreal and unprecedented.

By the year 2050 the Chinese economy is projected to be more than 50% bigger than the united states economy.

On February 1 ,2022 china’s Gdp soared past the GDP of the entire Europe
China also has the highest GDP nominal in the world, edging out USA who sits in second

A fun fact according to world bank,cgtn,and coc by the year 2050 Nigeria’s economy is projected to rank among the world’s top ten economies with GDP of $6.4 trillion.

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