Many developing countries have muddled through from one economic crisis to another for decades, and a few only in recent years; but all have never felt as challenged as within the present global economic environment.
With growing population being felt in urban centers , accompanied by increased unemployment, scarcity of resources and escalating prices, citizens can no longer feel as secure as before when life in general was more financially manageable and less socially turbulent. Natural calamities, on one hand, provide a real challenge, especially for nations which encounter them on a regular basis, aggravating their economic woes.
Yet in spite of what many people feel or perceive through the popular media, the overall reality portrays a brighter future for the global economy. We point to two factors that bring hope for a more stable and progressive economy in the future:
1. Levelling of the global economy for all countries to freely participate
Globalization, as it was originally designed by the engineers of the global economic program, has given a chance to many countries to participate actively in international economic activities due to the easing up of former trade and tariff restrictions. Developing and developed countries now have a healthier interaction through more trade interaction and exchange of technological expertise. The economic field is no longer an exclusive arena for the big countries to play in while the rest of the smaller ones struggle to survive among themselves.
This is proven by the fact that growth rates have increased for many developing countries: from Africa which is expected to attain 4.7% growth rate in 2014, to India which has a present robust 8.0% growth rate, and to East Asia which has shown consistent growth expected to average at 6.0% in 2014 and gain slightly in 2015 at 6.1%. This can only be a boost to the world economy as these regions are a rich source of raw materials for the rest of the globe. Allowing these once-undeveloped areas to the big picture will serve as impetus for more economic dynamism on a wider scale.
2. Political and financial leaders are the key to continued economic growth
Fiscal health is the major concern for all countries even before the exit of Greece from the EU and with unemployment still a big challenge everywhere, even in the US which had 7.0% unemployment late 2013 from 10% in 2010. However, inflation remains tame and could eventually slowdown and help spearhead the expected growth of the global economy.
Divisive politics and policies as well as adventurous economic and military expansionism exhibited by a few countries will put to the test the resolve of political and fiscal leaders as they steer the global ship through the turbulent seas ahead. Tensions among nations due to territorial conflicts will continue to challenge the community of nations as they try to stabilize the ship without causing it to implode from within. But if majority of the nations will exhaust all possible peaceful means to resolve conflicts, avoiding violent confrontation along national borders can be attained. As the world arbiter, the United Nations will have its hands full keeping destructive wars at bay.
The economic stability and overall security of the global community rests in the hands of a few leaders who are tasked to provide a vision of progress and sustainability not just into the next year but for a whole generation of citizens who will reap our present efforts at attaining worldwide political and economic security. With all the structures in place to allow nations to achieve this vision, all we need now is the individual and common will to work for that vision.