Question

problems in global economy. essay 3 pages

Answer 1

The term "Global" has been derived from the word globe,that refers to the whole world.It is concerned about the interconnectedness and closeness among the nations around the world.With the passage of time,the world has turned into a small village,closely and deeply tied with each other.The wide gaps has disappeared.The term "Economy" refers to the huge,wide and broad set up or framework within which several economic activities are carried out.Its a term having leaps and bounds implications,closely tied and interdependent on several other aspects of our life,society and world like political,social,economical,ecological and much more.I think there is no such crucial area which is left untouched by this topic.Here we would be talking about all such wider issues specially focusing on 'economic aspects' as this is affected by all the above mentioned topics in one or the other way.

With Globalisation and increasing ties among countries,the degree of interdependence has highly risen where most of the countries are dependent upon each other for one or the other needs.This has given rise to a number of problems,threats etc.'Problems' are such unfavourable,unwanted,negative scenarios or circumstances that can have widespread catastrophic effects and implications on our economy,society and lives.Amongst they can be classified on the basis of their nature such as social,ecological etc.Also we have challenges that needs to be coped in the short or in the long run.These may include credit crunch,global economic shocks,crisis in the banking sector,unregulated financial markets,indiscriminate exploitation of resources,systematic environmental degradation,global poverty and rising inequalities,negative implications of Artifical intelligence,unemployment,uncertain volatile market conditions,oil and currency crisis,extremism,terrorism,radicalism,immigration,recession,less global cooperation and many more.All these badly impact the economic environment and proved to be a threat to the very existence of humans.

Protectionism has lead to trade war among nations making uncertain,unsecure business environment,banking sector are leveraged with NPA's,lack of liquidity,crashing of stock markets are common today,technological advancements and increasing use of artificial intelligence has rendered people jobless,gaps have widened between rich and poor,immigration is increasing pressure and causing loss to resources,inflations have caused miseries to people's lives.Today "social media" is increasingly being used in a wrong manner to win over competitors and realise personal,political ambitions ignoring its bad effects.

The world is heading towards economic depression,darkened future.Pessimism has overpowered the ray of hope and we are unsure of our future.

It is the need of the hour to continue and empower this ray of hope,the world needs a united effort and need to ponder and mull over the path and future we are heading towards today.We need not to forget our SUSTAINABLE DEVELOPMENT goals.Increased level of cooperation and more coordinative,comprehensive plans and policies can help us winning over the above mentioned issues.Let us take a vow to do so and i'm sure we can do so.