It has been almost 7 years since the world was hit by financial crisis unleashed by the collapsed of Lehmann brothers. Global growth is still sluggish around 3%. Europe is struggling with its own set of problems causing by huge debt burden in countries like Greece, Italy, Iceland. Chinas economy has found a new normal and is growing at 6-7% pa. Unemployment is a big issue globally as low demand environment does not incentivise investments. Automation and use of robots has been taking away low skilled jobs in both developed and developing countries. We have almost plucked all low hanging fruits as far as technological innovation is concerned
The path ahead is not easy and will require joint effort from the international community. We should shun trade protectionism and promote free trade of goods and services. This will provide employment opportunities and the wealth created in the process can lift millions out of poverty.
Secondly, low cost technological solutions for problems facing mankind should be developed by collaborative effort of scientist across the world. Example: LED based bulbs have changed the lighting industry. These bulbs are much more effective in term of lumen output and they consume just fraction of power compared to conventional bulbs. Similar GPS enabled mobile phone with an Internet connection has made it extremely easy to move around in a foreign locations. These are just a few examples to show the impact technology can have on economic growth of the world.
The path ahead is not easy and will require joint effort from the international community. We should shun trade protectionism and promote free trade of goods and services. This will provide employment opportunities and the wealth created in the process can lift millions out of poverty.
Secondly, low cost technological solutions for problems facing mankind should be developed by collaborative effort of scientist across the world. Example: LED based bulbs have changed the lighting industry. These bulbs are much more effective in term of lumen output and they consume just fraction of power compared to conventional bulbs. Similar GPS enabled mobile phone with an Internet connection has made it extremely easy to move around in a foreign locations. These are just a few examples to show the impact technology can have on economic growth of the world.
