The world economy is set to surpass $100 trillion for the first time in 2022, according to the Centre for Economics and Business Research (CEBR).
“The important issue for the 2020s is how the world economies cope with inflation,” said Douglas McWilliams, the CEBR’s deputy chairman.
“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 British consultancy predicted China will become the world's top economy in dollar terms in 2030, two years later than forecast in last year's World Economic League Table report.
India looks set to overtake France next year and then Britain in 2023 to regain its place as the world's sixth-biggest economy, CEBR said.
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.
Banks and financial institutions announced different economic visions for the year 2022.
For its part, US investment bank JP Morgan predicted that 2022 will mark the end of the coronavirus pandemic and see a full global economic recovery.
The bank's outlook report for next year said new vaccines and therapeutics would result in a "strong cyclical recovery, a return of global mobility, and a release of pent-up demand from consumers."
