Ian Goldin, Director of the Oxford Martin School, and Andrew Pitt from CitiGroup prepared a report on changes that await humanity in the 21st century. Experts believe that the world is on the verge of great changes. The global demographics are changing, people become richer and innovations are created all the time and become more and more difficult. This will radically change the world in the next 100 years; moreover new innovations will be created fast and will affect a significant number of people.
It is not clear whether humanity will be able to cope with these changes. The changes can lead to peace and prosperity, or to a deep economic crisis, which will rapidly reduce the level of people’s lives.
Experts have identified four main changes in new millennium: globalization, demographic and economic changes, and rapid development of technology. These changes will determine how the world will look like in the coming decades.
Globalization is the main force that has changed the world in recent decades and will continue changing it in the future. Transporting of goods and services from one point to another has becoming easier; people can more freely exchange ideas and travel. The global integration promotes economic growth. In the coming decades, globalization will continue. The world will become even more involved, but it is fraught with risks – from the global economic crisis to the global pandemic.
A demographic shift is another factor that will change society in the coming decades. The population on the Earth is getting older. In particular, it concerns the countries of the West and Japan, which in a few decades could become states with only old people. The world will be divided into two parts: the elderly will live in rich countries and the youth will live in poor countries.
In the past 20 years, technology has been rapidly changing, and it will continue in the coming decades. Moreover, technology is changing modern forms of production, as well as traditional industries, which have been around for centuries. It changes the lives of both rich and poor people for whom modern technology is becoming more accessible. Economists at Citi list several kinds of technologies that will change the world in the 21st century: mobile internet, automation of labor and artificial intelligence, objects will communicate with each other, 3d-printers, biotechnology, and new technology in oil and gas.
Experts also predict that the world economy will double by 2030, and by 2050 it will double again. The world economy in the foreseeable future will grow 3% a year. The main driver will be a steady increase in income and living standards.
Ian Goldin, Director of the Oxford Martin School, and Andrew Pitt from CitiGroup prepared a report on changes that await humanity in the 21st century. Experts believe that the world is on the verge of great changes. The global demographics are changing, people become richer and innovations are created all the time and become more and more difficult.