As the new year approaches, it's topical to consider the overall economic and socio-political environment which will frame the following twelve months - and potentially affect lives across the globe.
Economically the international situation remains fragile: during 2014 the United States had annualised GDP growth of only 2.7% (a similar rate also applied to Australia), the European Union was 0.8%, Japan was negative with -1.2% and China dropped to 7.3%. The US Fed ended its Quantitative Easing policy and Central banks across the world continued to warn of the need for greater debt control stringency, improved capital adequacy requirements while retaining liquidity in funding markets. The greatest concern remains that critical lessons from the GFC have not been learned and applied.
In terms of international relations and stability the United Nations and Member Nation States continue to face challenges from well organised terrorist organisations such as Islamic State (formerly ISIS, ISIL or perhaps better referred to as DAESH), Al-Shabaab, Boko Haram and the Taliban operating in both Afghanistan and Northern Pakistan. The festering confrontational relationship between Israel and the Palestinians shows little progress in the immediate future nor does the unproclaimed conflict between the Russian Federation and the Ukraine. The Syrian civil war grinds on with little prospect of an immediate outcome and peace.
From an Australian perspective, the world has never looked more unsettled since the end of the Cold War and the influence/competition between the two Superpowers of that era.
The power of the World Wide Web, various mobile devices and software applications has meant the power of disruptive technologies has never been greater than when the first steam train and automobile heralded the end of horse drawn carriages and carts. Realignment and adjustment of national economies and workforces to this new order continues to present hard and difficult lessons.
Happy New Year, one can only hope.
In terms of international relations and stability the United Nations and Member Nation States continue to face challenges from well organised terrorist organisations such as Islamic State (formerly ISIS, ISIL or perhaps better referred to as DAESH), Al-Shabaab, Boko Haram and the Taliban operating in both Afghanistan and Northern Pakistan. The festering confrontational relationship between Israel and the Palestinians shows little progress in the immediate future nor does the unproclaimed conflict between the Russian Federation and the Ukraine. The Syrian civil war grinds on with little prospect of an immediate outcome and peace.
From an Australian perspective, the world has never looked more unsettled since the end of the Cold War and the influence/competition between the two Superpowers of that era.
The power of the World Wide Web, various mobile devices and software applications has meant the power of disruptive technologies has never been greater than when the first steam train and automobile heralded the end of horse drawn carriages and carts. Realignment and adjustment of national economies and workforces to this new order continues to present hard and difficult lessons.
Happy New Year, one can only hope.
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