Role of US dollar to diminish – economist

NEW YORK: The US dollar will play a much less dominant role than it is today within the next 10 years due to a smaller share of the US economy in the world, weaponization of the US dollar and the use of central bank digital currencies, said a renowned US economist on Friday.

The share of the United States in the world economy will be less and the role of the US dollar will naturally diminish, because other currency settlements will take a hold, said Jeffrey Sachs, an economics professor and director of the Center for Sustainable Development at Columbia University at the 15th Annual Columbia China Summit.