$31 Trillion in Global GDP Hangs on U.S.’s Globalization Stance

That amount is the equivalent to giving up the entire annual output of the U.S., Japan and Germany.

Tom Orlik &
Bjorn Van Roye

12 Nov 2020, 04:45 AM IST

$31 Trillion in Global GDP Hangs on U.S.’s Globalization Stance

A pedestrian walks across Wall Street near the New York Stock Exchange (NYSE) in New York, U.S. (Photographer: Michael Nagle/Bloomberg)

(Bloomberg) -- The next U.S. administration’s options range from continuing with the “America First” strategy that has hurt trade to re-engaging with the global economy, and the decision will have far-reaching consequences. Calculations by Bloomberg Economics show that by 2050, global gross domestic product would be $31 trillion smaller in a scenario that sees ties splinter back to the level before China joined the World Trade Organization in 2001 versus one where the U.S. and other major economies commit to globalization. That amount is the equivalent to giving up the entire annual output of the U.S., Japan and Germany.