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At the end of each year, the Center for Business and Economic Research (CEBR), one of London’s most respected business and economic analysts, compiles its forecast for the next decade and a half from the world’s leading centers of economic power in terms of dollars to current gross domestic product (GDP).
In their annual analysis released Saturday (CEBR World Economic League Table, WELT 2021), the house’s experts said they calculated that the world-class domestic product fell 4.4 percent this year.
The company’s analysts say this also means that global GDP in 2020 will be $ 6 billion less than the likely level in CEBR’s forecast a year ago.
However, CEBR expects a strong recovery in 2021 as a result of the introduction of coronavirus vaccines – based on Friday’s forecast. the house expects world GDP growth of 5.3 percent in real terms next year.
CEBR London analysts say the global economy will bring most of the losses caused by the coronavirus epidemic in the long term, but global GDP is expected to be $ 1 trillion less in 2034 than the level previously projected in previous forecasts. of the company for that year.
The study highlights that the Chinese economy apparently weathered the coronavirus epidemic better than Western economies.
Based on this, CEBR expects that as early as 2028, five years before the date in the company’s forecast a year ago, China will rank first in the ranking of the world’s largest economies from the United States.
CEBR’s annual WELT forecast, compiled last December, also stated that the United States and China will trade places among the top two in the global arena of the largest economies in 2033.
In its study this year, the House emphasizes that the overall world economy will shift more and more eastward over the next decade and a half. According to CEBR, this is a sign that European economies accounted for 19 percent of the total performance of the top ten countries in the 2020 WELT rankings, but their share is expected to be only 12 percent by 2035.
The process is also illustrated by the fact that according to CEBR’s Friday forecast, India, which ranks sixth in this year’s WELT rankings for the largest economies, will already rank third in 2035, with Indonesia passing from position 15 to 8.
According to CEBR’s long-term forecast, the Hungarian economy will rank 55th on the list of 193 farms this year in terms of gross domestic product in dollars, and this position will not change much at the end of the forecast period of a decade and a half. : The company is likely to be ranked 56th in Hungary by 2035.
Cover image: Getty Images
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