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Economy and Finance

I know this may sound farfetched, but by 2040, there will be a new economic order.

The US will be less dominant and Europe's leading economies will slip behind, or probably collapse.

Okay, who thought Great Britain would ever be surpassed by the USA in the economic order.

Not many people did, but that's exactly what China could do to the US in the next few decades. This year, the Paris convention gives us a chance to discuss economic trends and make predictions of the world's economy.

The Brexit vote and Trump presidency are two key issues that for the next few years are going to form the basis of economic predictions in their respective regions and the entire globe.

Again, while China is increasingly laying down investments around the globe, the US is massively in debt despite being a superpower.

In fact, it is projected that China's GDP will have doubled by 2030.

Whether this will make China close the gap between her and the US or it will eventually become the economic superpower is something that's up for discussion.

Still, we would have a handful of global superpowers without a single leader.

An outcome that may depend on the consistency of the growth and development trends of countries such as India, Russia, Nigeria and Brazil among others. Of course, this is something economists will want to explore and predict.

However, what do economic trends predict to the public citizenry of the world?

Could there be no hospitals and instead lead to a situation of increased home-based medical services? Or more interestingly, would it mean people would be in a position to access all the goods and services of need?

That notwithstanding, a lot of the predictions in the industry still remain topics for discussions or mere speculations.

This is quite unlikely, as a number of futuristic beliefs in this field claim that there is no time in time when the global human population will ever be at par.

For example, according to the UN, FAO predicts a serious food shortage by 2050, leading to the need for over 70 million hectares to be put back to cultivation.

Despite being some sloppy thinking, The Venus Project (TPV) predicts that in the 21st century, the world could operate without currencies. Dubbed Resource Based Economy, proponents of this theory believe that at some point, everyone will have all the resources that they need.

This way, it is claimed, the currency will be worthless.

It is difficult to believe the workability of a system that gets rid of the currency in whatever way! Again, is there a possibility that everyone will have all the resources that they need?

Finally, will the current trends see a wider or reduced gap between economic powers and developing nations?

Still, there could be a bigger economic recession yet to come than the one experienced in the past decade as has been projected by a section of economists.

These and others are only predictions and speculations based on the economic trends and will be put to debate in this year’s Paris talks.

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