The global economy will (as estimated) decline slowly until collapse. Peak Oil was reached supposedly after 2005.
Peak oil has, and will continue to, boost the economic viability of alternative energy resources. Countries that have invested large amounts into renewable resources and, in particular, vehicles without petroleum-based engines will have stronger economies. Countries, like the United States, who are so heavily reliant on oil will begin to take massive economic hits. Global trading will be slowed as well, due to exponentially higher shipping costs. This will lead to more local trading and a less growth of the global economy.
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