The Global economic output is set to exceed the $100 trillion mark for the first time in 2021, two years ahead of the previous forecast, according to the Center for Economic and Business Research.
“A year ago, we hoped that the economic effects of the pandemic would wear off relatively quickly. And in one sense they have,” according to CEBR. “We now expect world GDP [gross domestic product] in dollars in 2022 to be higher than we did pre-pandemic and to reach over $100tn for the first time.”
The London-based research institute in its World Economic League Table report obtained by Persecondnews.com said that the continued economic recovery from the pandemic will drive the global economic growth, however, the year-end emergence of the Omicron variant of Covid-19 is a reminder that the pandemic is still a threat, even in highly-vaccinated societies,
The pace of the recovery is much stronger and there is “substantially more momentum” going into 2022 than the think-tank has previously envisaged.