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Foreword

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  • Chadha, Jagjit S.

Abstract

Growth in the world economy seems to be decelerating. In our last pre-Covid forecast we expected the world economy to grow by 37.4 per cent over this decade. It now seems that we will lose some $4.3 trillion of global output by 2030, compared to our expectations when the decade started. This has two direct consequences. It becomes harder to think in terms of rapid universal increases in standards of living for the advanced economies. And increasingly it seems that the fate of the world economy, at least on the margin, is in the hands of the large newly industrialised, populous economies. Democracies and institutions have yet to adjust to these new states of nature.

Suggested Citation

  • Chadha, Jagjit S., 2023. "Foreword," National Institute Global Economic Outlook, National Institute of Economic and Social Research, issue 10, pages 1-3.
    • Handle: RePEc:nsr:niesrb:i:10:y:2023:p:3
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