In such an environment, a declining share in the world economy does not imply a welfare loss. After all, the global economy is not a zero-sum game. Focusing on per capita income might undoubtedly mask huge asymmetries in the distribution of the gains from globalization within countries. But also in this respect, the European Union comprises the most equal societies in the world.
Many forecasters expected The pace of wage inflation affects all sectors of the economy, but wages are a particularly large share of costs in core services ex housing and, thus, particularly important for inflation in this category. 4 See Congressional Budget Office (2020).