Over the years, the world has seen growth in the technology, which has without a doubt changed the way people are doing business. As more and more people all over the world get connected to the Internet, there has been an eruptive sharing of knowledge with more and more people getting technologically advanced. People are now able to invest in businesses that were probably an impossibility less than a decade ago.
Revolution of economy
In the recent times, there has been a growth in the world’s economy. The World Bank projects that by the end of 2017 the advanced global economy will grow by 2.7%. A further forecast is that after the growth in these, economies will accelerate by 1.9% throughout 2018 and the start of 2019. This will be majorly attributed to the increase in trade and manufacturing industries which has further promoted exchange between countries.
Effects of cryptocurrency
Other than growth in the world’s trade, there has been a recent growth in the cryptocurrencies like the Bitcoins. While some of them are skeptical, there are some that believe cryptocurrencies are the next generation of money. Since its effect is yet to be felt in the world’s economy, more and more people are actively taking up trade in these currencies, thus, further boosting their recognition in the world. With time, cryptocurrencies may pose a major threat to the physical currency and there are those investors that are actively preparing for this.
Another major happening in 2017 that is main concern is the Brexit and how it will impact on the world’s major players that is Britain and the US. In March, the British prime minister submitted a withdrawal notice to the EU after a referendum to withdraw was passed on June 23, 2016. The withdrawal will adversely affect business in both the countries. There are over 2 million British and US citizens whose jobs will be affected by the move. The move also led to the devaluing of the Euro while the dollar gained in value. Such a gained has made foreign investment in the US much more expensive than before.
Heightened tension between North Korea and the US also has in a way affected the world economy. With North Korea latest test on Hydrogen bombs, more and more investors are now concerned about the world’s peace. Kim’s ever-growing desire for more complex and deadly weaponry further puts the world peace at risk. Some of the long-term investors are concerned of the aftermath of this heightened tension. It is the hope of many that a lasting solution for this tension will be arrived at and fast before it boils out of control.
Other challenges that are important and worth noting include climate change and environmental degradation. However, despite all these challenges that the world has encountered, there is an evidenced growth in the world’s economies, a trend that is expected to continue over time.