Global Economic Challenges We Should be Aware Of

In recent years, the global economic system has been taking a toll from issues that include financial crisis all the way to income inequality. Other than that, issues also vary from immigration pressures, technology change, production geographic shifts, and many others. Currently, there are 5 known under trends in challenges that are often underestimated and unaddressed that shifts globally that calls for cooperation from international leaders.

To name a few, one of the growing problems that are constantly receiving difficulty in gaining a common ground is growing income inequality. With age, it is common for humans to be constantly comparing themselves with others especially when it comes to money. According to a report published by the Boston Consulting Group, there was an increase of 4.4% profit in 2015 on global private wealth, showing results in faster growth in economics and rapid increase in stock prices. However, the profit growth was not spread equally as it showed that private wealth was significantly higher in the Asia-Pacific than Western Europe in 2017.

Other than that, people are also susceptible to change as shown in the need for company leaders to hire professionals such as management consultants in order to make change easier. As technology is continuously advancing, people may find it difficult to utilize new systems that would be beneficial to the economy. A common complaint that circulates around the use of technology for convenience is that technology is replacing human beings in their jobs. This often causes a conundrum on the ethics between technology and people.

Even so, there are people leading to change the global economic crisis by bringing together international leaders through forums and conferences. Leaders such as Dr. SaKong II, Chairman and CEO of the Institute for Global Economics (IGE) have placed their thoughts and participated in many meetings that would hope to bring these global economic challenges to light.

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