Willem Buiter is Citgroup’s chief economist, and here’s CNBC today reporting his forecast for the global economy over the next 40 years:
“We expect strong growth in the world economy until 2050, with average real GDP growth rates of 4.6 percent per annum until 2030 and 3.8 percent per annum between 2030 and 2050,” Buiter wrote in a market research. “As a result, world GDP should rise in real PPP-adjusted terms from $72 trillion in 2010 to $380 trillion dollars in 2050,” he wrote.
Isn’t that great news? For all the doom and gloomers in the world, this is a nice corrective: here’s somebody who actually knows something about economics and economic forecasting saying that the world, in just 40 years, is likely to be five times richer than it is now.
So—instead of hoarding gold and silver—eat cookies, have children, and be happy. Barring a global pandemic or some other civilization destroying calamity, the human future actually looks pretty promising.