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Only 26% of world GDP to come from free economies in 2050

More state, less market.
Image: Bloomberg

For the last 40 years, with the Reagan revolution sweeping the world — markets were in the ascendant and the state in retreat — but with the rise of China, that trend is swinging into reverse. Marrying Bloomberg Economics’ forecasts for long-term growth with the Heritage Foundation’s economy classifications of “free” and “unfree” we can chart the evolution: In 1990, about 66% of global GDP came from “free” and “mostly free” economies; by 2020, that share had fallen to 45%; by 2050, it will likely have declined to 26%.

Björn van Roye and Tom Orlik are both economists.

© 2021 Bloomberg

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