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June 4, 2019

The Maritime Executive – U.S. will be Key Beneficiary of Belt and Road Initiative

A new study by global economic consultants Centre for Economics and Business Research (Cebr) in the U.K. estimates that the global economic impact of the Belt and Road Initiative (BRI) is likely to boost world GDP by $7.1 trillion per annum by 2040.

 

The predicted rise is an increase of 4.2 percent of likely GDP in 2040 (or 8.3 percent of GDP in 2019), and over 50 countries are forecast to have their annual GDP in 2040 boosted by more than $10 billion.

 

Other than China, which by 2040 will be by far the world’s largest economy and which will therefore benefit from any boost to the world economy, the biggest single potential beneficiary of the BRI is likely to be the U.S. even though it isn’t participating directly in the project. The large size of the U.S. economy means that it gains from the indirect effects of world GDP being boosted. Even though the boost to U.S. GDP is only 1.4 percent (much smaller than most other major economies) the absolute size of the U.S. economy is such that this is more than the absolute boost to any other economy except China.

 

The next largest impact is in Russia, followed by Japan, Indonesia, Korea, U.K., India and the Netherlands.

 

View the full article here.

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