In Brief About Global Economic Trends
Things are changing faster than they could possibly be. People across the globe are seamlessly connected by an unprecedented network. New technologies and innovations reach their audience at rocket speed. The changing economic trends, people’s preferences, growing political uncertainty and the exponential advancements in technology will transform the global economy in a decade. This full report outlines the insight of the future economy. The following factors are needed to be discussed and dealt with.
Global productivity is not growing as fast as it should be. This is a sheer paradox. The technological advancements and innovations are tremendous, and logically there should be an increase in productivity. When we look deeper into this, we can simply conclude that the recent innovations results in comfort and goodness, rather than expanding the production and manufacture. Today’s technologies are making people obsolete. For instance, we spend day and night to study the technology, codes and the process of issuing air tickets manually. Then, the whole thing gets automated in a day and all the hard-learned skills seem worthless.
Economic inequality and differences are prevalent across the globe. When I look closely at the economic growth and statistics in the last40 years, all I can see is the convergence of a large extent. The individual income and financial status of people living in the emerging markets are steadily growing compared to that of those who reside in advanced economic markets. As a result of the previous industrial revolution, people in low paid jobs switched to decent paid jobs city side. Those times people were able to find a new job if they lose one. This is not the case in the current world. Getting a job and holding onto it is too difficult.
Increase in work population:
There has been a massive increase in the work population in the last few decades. Outsourcing has become common as a result of globalization. People across the globe, especially Asians have entered the World market with ease. They possess required skill sets, higher intellectual knowledge and they handle new technologies effortlessly. They take the jobs from the developed countries and as a result of which there has been a backlash against trade and globalization.
I strongly insist on developing competitiveness among world economies. Competitive spirit alone helps the nations fight the shortcomings and generate employment opportunities to all the citizens.