JPMorgan Chase & Co JPM:NYSE

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Global Real GDP Growth to Average 2.2% Over Next Decade as Inflation Creeps Up to 2.4%, JPMorgan Says

12:24PM ET 11/08/2021 MT Newswires
Global real GDP growth is likely average 2.2% over the next 10 to 15 years as annual inflation edges up to 2.4%, according to new estimates from JPMorgan Asset Management.

The growth projections compare with global real GDP gains averaging 2.9% from 2010 to 2020 and 2.7% from 2000 to 2020, JPMorgan analysts said.

"The effect of pandemic policy choices will linger, but in short, we are broadly optimistic," the analysts wrote. "Gone is a decade of sluggish capex, periodic austerity and weak productivity, offset by loose monetary policy. In its place, we find an emphasis on nominal growth and a greater willingness to tolerate larger balance sheets and higher national debt than we've seen since 1945."

The investment firm lifted its long-term inflation estimate to 2.4% from 2.2%, noting that "the inflation manifesting itself in the late stages of the COVID-19 pandemic is proving a little stickier than the central banks expected."

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