I was thinking about how the depletion of minerals (metals and all material we mine from the Earth) will affect the GDP of the world. I read somewhere that at the current extraction rate, we will run out of easily accessible iron ore in the next 60 years.
I found this Wikipedia article and it seems that about 1% of the world GDP is in extracted or mined minerals.
A simple prediction would be that the world GDP would drop by 1%, but thinking about this more and not I'm not sure if this is correct, I think the lack of mined metals and minerals would have a much bigger effect on the economy than 1% since this 1% actually contributes a huge sum to the rest 99% and without it, we will just end up with whatever we have and will not be able to construct, manufacture or build anything anymore.
So to make this simple and to make sure that energy sources are out of the equation, let's assume that humanity will never run out of sources of energy like oil, gas and coal, but will run out of all metals and minerals that we can mine so that there is no any additional minerals being added to our economic system. How would that affect the GDP of the world?