According to the Centre for Economics and Business Research (CEBR), a global recession will start in 2023, according to Bloomberg. A global recession is predicted to begin in 2023. New borrowing costs put in place to fight inflation cause several economies to shrink.
According to the British consultancy's annual World Economic League Table, the global economy topped $100 trillion for the first time in 2022, but will halt in 2023 as governments continue to struggle against growing costs.
The researcher's findings are more negative than the most recent IMF forecast.
According to Bloomberg, this organisation warned in October that more than a third of the world's economies will collapse and that there is a 25% possibility that in 2023, global GDP will expand by less than 2%, which it characterises as a worldwide recession.
The global gross domestic product will have doubled by 2037 as developing economies catch up to the wealthier ones. According to Bloomberg, the East Asia and Pacific region will produce more than a third of the world's output by 2037, while Europe's share will drop to less than a fifth as a result of changing power dynamics.
The data from the IMF's World Economic Outlook and an internal model serve as the foundation for the Centre for Economics and Business Research's estimates of growth, inflation, and currency rates.
The report predicts that India's economy will reach $10 trillion by 2035 and rank third globally by 2032.