China’s growing economic importance is evident in the data, and also in the way in which the renminbi exchange rate is becoming an important political issue - just like the yen. Against that general backdrop, assessments of the near-term outlook for the global economy have undergone some important changes over the past eighteen months.
See also P. Howard, Omitted Damages: What’s Missing From the Social Cost of Carbon, Joint project of the Environmental Defense Fund, the Institute for Policy Integrity and the Natural Resources Defense Council, 2014). 2 Estimate from the National Round Table on the Environment and the Economy, 2011, using 2006 dollars. 3 The Pan-Canadian Framework for Clean Growth and Climate Change, 2017.