Report
The global economy will inevitably be less efficient
Inevitably, the consequences of the COVID crisis, the war in Ukraine and the energy transition will lead to a less efficient global economy, with lower global potential growth : After the COVID crisis, OECD countries, in particular in Europe, decided that they could not rely on the rest of the world for a number of strategic products: medicines, medical equipment, equipment for renewable energies, semiconductors, etc. But reshoring this production reduces productive efficiency, as offshoring harnessed countries’ comparative advantages; After the war in Ukraine, Russia will be permanently cut off from the global economy, which means that goods produced more efficiently in Russia will have to be produced elsewhere; The energy transition will lead to energy-producing technology that is zero-carbon, but also less efficient than that used to produce fossil fuels, due to the intermittency of renewable energy production.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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