International audienceEconomic analysis is increasingly addressing long-term issues (such as global warming) that require a dynamic baseline for the world economy. In this article, we develop a three-factor (capital, energy, labour) macroeconometric (MaGE - Macroeconometrics of the Global Economy) model, and project growth for 147 countries to 2050. We improve on the literature by the following: (i) accounting for the energy constraint through dynamic modelling of energy productivity, (ii) modelling female participation rates consistent with education catch-up, (iii) departing from the assumptions of either a closed economy or full capital mobility (by applying a Feldstein-Horioka type relationship between saving and investment rates), and (iv) offering a fully consistent treatment of the Balassa-Samuelson effect. These innovative features have a sizeable impact on projected GDP

/presentation.asp?id=11 RESUME COURT Nous présentons des projections de croissance à l'horizon 2050 réalisées pour 147 pays avec le modèle MaGE (Macroeconometrics of the Global Economy) à partir d'une fonction de production à trois facteurscapital, travail et énergie. La prise en compte de la contrainte énergétique (avec une modélisation dynamique de la productivité énergétique), et de l'imparfaite mobilité des capitaux (grâce à une modélisation de type Feldstein-Horioka de la relation entre épargne et investissement) constituent nos principaux apports à la littérature. Nos résultats suggèrent que, en tenant compte des évolutions de prix relatifs, la Chine pourrait représenter 33% de l'économie mondiale en 2050, soit autant que l'Union Européenne (12%), les Etats-Unis (9%), l'Inde (8%) et le Japon (5%) réunis. La Chine dépasserait les Etats-Unis vers 2020 (vers 2040 à prix relatifs constants). Cependant, en termes de niveaux de vie, la Chine serait encore 10% derrière les Etats-Unis à l'horizon 2050.

for their valuable comments and suggestions and Sarah Michelson for excellent editorial support. The paper has also benefited from comments by members of Working Party No. 1 of the OECD Economic Policy Committee. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law. This paper presents long-term trade scenarios for the world economy up to 2060 based on a modelling approach that combines aggregate growth projections for the world with a detailed computable general equilibrium sectoral trade model. The analysis suggests that over the next 50 years, the geographical centre of trade will continue to shift from OECD to non-OECD regions reflecting faster growth in non-OECD countries. The relative importance of different regions in specific export markets is set to change markedly over the next half century with emerging economies gaining export shares in manufacturing and services. Trade liberalisation, including gradual removal of tariffs, regulatory barriers in services and agricultural support, as well as a reduction in transaction costs on goods, could increase global trade and GDP over the next 50 years. Specific scenarios of regional liberalisation among a core group of OECD countries or partial multilateral liberalisation could, respectively, raise trade by 4% and 15% and GDP by 0.6% and 2.8% by 2060 relative to the status quo. Finally, the model highlights that investment in education has an influence on trade and high-skill specialisation patterns over the coming decades. Slower educational upgrading in key emerging economies than expected in the baseline scenario could reduce world exports by 2% by 2060. Lower up-skilling in emerging economies would also slow down the restructuring towards higher value-added activities in these emerging economies.

International audienceNotwithstanding the current slowdown, the geography and composition of international trade are changing fast. We link a macroeconomic growth model and sectoral computable general equilibrium framework in order to project the world economy forward to the year 2035 and assess to what extent current trends in trade are expected to continue. Constructing fully traceable scenarios based on assumptions grounded in the literature, we are also able to isolate the relative impact of key economic drivers. We find that the stakes for developing countries are particularly high: the emergence of new players in the world economy, intensification of South–South trade and diversification into skill-intensive activities may continue only in a dynamic economic and open trade environment. Current trends towards increased regionalisation may be reversed, with multilateral trade relationships gaining in importance. Hypothetical mega-regionals could slow down, but not frustrate the prevalence of multilateralism. Continuing technological progress is likely to have the biggest impact on future economic developments around the globe. Population dynamics are influential as well: for some countries, upskilling will be crucial; for others, labour shortages may be addressed through migration. Several developing countries would benefit from increased capital mobility; others will only diversify into dynamic sectors, when trade costs are further reduced

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