Beyond Real Time: 6X

The growth of the economy is slated to be XX. The economy is slated to grow XX in 2025.

The United States economy expanded by 2.0% and 2.1% in the first and second quarters of 2023, respectively, driven mainly by consumer spending in the first half of the year.

The energizer bunny, a pink mechanical hare that keeps banging its drum owing to long-lasting batteries, will celebrate its 35th anniversary this October. As if to mark the momentous occasion, the American economy is doing its best imitation of the advertising icon. Despite umpteen predictions of a slowdown, it keeps going and going. Recent data suggest it may even be on track for annualised growth of nearly 6% in the third quarter, a pace it has hit only a few times since 2000.

Image Reuters

American Economy Continues Growing - DR Report

& then some but ...

Climate damages by 2050 will be 6 times the cost of limiting warming to 2°

Almost from the start, arguments about mitigating climate change have included an element of cost-benefit analysis: Would it cost more to move the world off fossil fuels than it would to simply try to adapt to a changing world? A strong consensus has built that the answer to the question is a clear no, capped off by a Nobel in Economics given to one of the people whose work was key to building that consensus.

While most academics may have considered the argument put to rest, it has enjoyed an extended life in the political sphere. Large unknowns remain about both the costs and benefits, which depend in part on the remaining uncertainties in climate science and in part on the assumptions baked into economic models.

In Wednesday's edition of Nature, a small team of researchers analyzed how local economies have responded to the last 40 years of warming and projected those effects forward to 2050. They find that we're already committed to warming that will see the growth of the global economy undercut by 20 percent. That places the cost of even a limited period of climate change at roughly six times the estimated price of putting the world on a path to limit the warming to 2° C.

And this ...

Climate change caused by CO2 emissions already in the atmosphere will shrink global GDP in 2050 by about $38 trillion, or almost a fifth, no matter how aggressively humanity cuts carbon pollution, researchers said Wednesday.

If emissions continue at today's rate - and the average global temperature climbs beyond 4C - the estimated economic toll after 2050 amounts to a 60% income loss by 2100, the findings suggest. Limiting the rise in temperatures to 2C would contain those losses at an average of 20%.

The continued belief of never ending growth of the economy pontificated endlessly by pundits, when confronted by hard science, becomes rather questionable does it not?

Countries taking the biggest hit.