1. What do feel is the future of the global economy five years from now? Ten yea
ID: 1128381 • Letter: 1
Question
1. What do feel is the future of the global economy five years from now? Ten years from now? Use at least 3 citations from global news sources to support your views.
2. Is the world getting smaller in the sense that smaller firms have a more level playing field? Why or why not?
3. You have been working for GloBoCo, a global manufacturing firm, for three years. Your boss comes in one day and offers you a position spearheading their new operations in Europe, specifically Croatia. You do not speak the language, and like most Americans, know little about the culture. In the light of what you have learned in this class, would you take the job? If yes, how would you prepare for your new role? If not, why not?
Your responses should total 2-3 pages, and be supported by citations from global news sources.
Explanation / Answer
ANS 1
Five year from now
There are three main economic forces that are imposing themselves upon the world, whether we like it or not. Two of them are the largest bubbles in the history of man.
1. The bubble of global debt
2. The bubble of government promises
3. The shifting of the supply curve
All products will have become services. “I don't own anything. I don't own a car. I don't own a house. I don't own any appliances or any clothes,” writes Danish MP Ida Auken. Shopping is a distant memory in the city of 2030, whose inhabitants have cracked clean energy and borrow what they need on demand. It sounds utopian, until she mentions that her every move is tracked and outside the city live swathes of discontents, the ultimate depiction of a society split in two.
identities,
We are eating much less meat. Rather like our grandparents, we will treat meat as a treat rather than a staple, writes Tim Benton, Professor of Population Ecology at the University of Leeds, UK. It won’t be big agriculture or little artisan producers that win, but rather a combination of the two, with convenience food redesigned to be healthier and less harmful to the environment.
10 Year form now
The values that built the West will have been tested to breaking point. We forget the checks and balances that bolster our democracies at our peril.
The world economy could more than double in size by 2030, far outstripping population growth, due to continued technology-driven productivity improvements
Emerging markets (E7) could grow around twice as fast as advanced economies (G7) on average
As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th)
The US could be down to third place in the global GDP rankings while the EU27’s share of world GDP could fall below 10% by 2030
UK could be down to 10th place by 2030, France out of the top 10 and Italy out of the top 20 as they are overtaken by faster growing emerging economies like Mexico, Turkey and Vietnam respectively
But emerging economies need to enhance their institutions and their infrastructure significantly if they are to realise their long-term growth potential.
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