Net Zero Transition and Demographic Shifts May Reshape Global Economic Landscape
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Net zero policies will impose significant costs on Western economies like the US and UK over the next 20 years, benefiting Asian economies like China. This will speed up the economic power shift to Asia.
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The UK is unlikely to see a major "green jobs boom" and become a manufacturing powerhouse due to its small manufacturing base.
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China's demographic decline and COVID-19 policy impacts mean it may never sustainably overtake the US as the world's largest economy. India is forecast to be the world's largest economy by 2080.
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The UK economy is predicted to be 20% larger than France's by 2038 as France struggles with pension reforms.
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Global GDP growth is estimated to be cut by 0.2 percentage points in coming years due to the high costs of transitioning to net zero emissions.