RLB sponsored research shows construction is likely to be the most important driving force for world growth
January 18, 2019.
The latest edition of the World Economic League Table (WELT 2019), co-sponsored by Rider Levett Bucknall, is available to download here.
Produced by international economic forecasters, the London-based Centre for Economics and Business Research (Cebr), the latest edition has been published at a time of significant change in the world order and increasing global economic uncertainty. WELT 2019 is sponsored by The Chartered Institute of Building, AON, Autodesk, CRH, Ghella, and Rider Levett Bucknall.
This edition of the World Economic League Table (WELT) shows some interesting moves as the world’s richest powers jockey for position. The WELT tracks the size of different economies across the globe and projects changes over the next 15 years, up to 2033.
Stephen Mee, Global Chair of Rider Levett Bucknall, comments: “We are very pleased to have supported the production of this insightful global publication over the last ten years. The WELT provides a comprehensive overview into where the global economy is heading as well as related trends within the construction industry. This year, as ever, it provides an important analysis on global markets, and the potential developments over the next 15 years.”
Chris Blythe OBE, Chief Executive of the Chartered Institute of Building, Global Sponsors of the 2019 WELT said: “The forecasts make it clear that construction is likely to be the most important driving force for world growth in the coming years as counter cyclical spending on infrastructure is set to increase in many economies.”
“The potential for global mega projects to make a significant contribution to world GDP by the 2030s will create major challenges for the construction industry globally. The skills needed to carry out this scale of opportunity are already scarce, particularly in emerging and fast growing economies. Construction will need to raise productivity by adopting the benefits of the digital revolution.”
Cebr Deputy Chairman Douglas McWilliams said: “The World Economic League Table shows that despite global uncertainty and the tightening in US monetary policy which has pushed down some of the emerging market currencies, the twenty first century is still likely to be the Asian century. In 2003, the world’s five largest economies were the US, Japan and three European countries. Thirty years later 3 out of the top five economies will be Asian and only one will be European. This is one reason why, even though Brexit will be disruptive in the short term, long term it is unlikely to do much damage to the UK economy and might, on some assumptions, boost it”
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