The Chinese Economy; which has prompted World trade and production into full speed suddenly moved to a slow-down gear. On the other hand, technology, Robots, and automation are currently threatening to replace each and every human being. The World’s Economy has been through various shocks and recessions since 2007, the world’s economic wheel is triumphing to move through stagnant mud that may eventually lead to a complete halt. At this critical point, The World badly needs a Global economic vision to face the future, and the immense challenges.
Europe ‘s economy is facing major challenges sustaining the Union, with its leading sphere Germany affected by the slow-down in Chinese economy, threats of UK disintegration from the Union and the Austrian stand against Europe’s openness values in accepting refugees. On the other hand; The European Commission has put off a contentious decision on imposing financial sanctions on Spain and Portugal for failing to bring their budget deficits within European Union rules. In the meantime Greece and Italy face various economic challenges that leaves them in public debate, while Turkey the new European comer is invited with a vision of security, rather than economic solidarity.
The Middle East is facing instability and economic threats, mainly with the Oil prices dropping, leading Oil producing markets’ economies towards diversification and further mergers and acquisitions. At the same time OAPEC’s presence and role is fading away and will certainly disappear from existence without the political will to revive its role within 2016.
As for developed economies, the US and China are still playing the cat and mouse game. They’re intentionally ignoring the fast pace of technology as Robots and automation stand at an edge that will sharply trigger higher unemployment rates in the near future; specially that automation provides Multi-Nationals and private firms seeking higher returns a perfect solution to save costs incurred with human resources as well as, maximise production.
The whole world has further sunk into ignorance that yielded terrorism and cultivated hate, fuelled by inefficient Intelligence cooperation and partial support.
Politics today is forcing the choice of economic decisions and policies set by Governments. Such Forces have in the past ignored the Palestinian dilemma, and still disregard the danger represented by a group of terrorists training and educating children on means of destruction under a belief of their own creation, and has no roots in Islam or any other religion.
Such a challenge needs a united integrated body that can heal or disintegrate its infected organ. A fair economic dissemination of resources will bring about prosperity and nourishment to the full body. Hate and world destruction can under no circumstances yield peace and prosperity, and if politics leads our economic decision making in the near future, we will certainly end up with a new world war, a war that no one will win.
In such a dynamic World, we call for a “World integrated Economic vision” , breaking the world into pure economic resources and re-integrating it into one. A vision for Re-inventing the economic Wheel towards the Future. Advanced economies will benefit as well as emerging economies. We need to start with Arthur’s Round Table of Economists (A delegate from each country recognised by the UN) to set the ground rules and vision for implementation.
The World is no longer multiple play grounds, globalisation has brought the world into a one large stadium, the question now is: Will the players play fair and commit to the ground rules of the game???