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Key International Economic Challenges Essay

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Updated: Jan 24th, 2022

Introduction

Currently, there are many challenges that the business fraternity around the globe is facing. These challenges are influenced by numerous unpredictable causes and their implications are quite alarming. Some of the world’s greatest economies have undertaken protective measures in attempts to mitigate the effects of such economic challenges. This paper seeks to describe some of the key international economic challenges, their emergence, how they are being addressed, future expectations and the lesson learned.

Body

Some of the key economic challenges globally include energy and environmental security, conflict and poverty, among other factors.

Energy and environmental security

The rising demand for energy globally has become one of the greatest challenges in the world today. Energy and access to it is one of the main driving forces in business. The rampant development of new technologies and new mechanical products is gradually causing an imbalance between consumption and production of energy. Creation of energy and its consumption is proving to be an economic challenge not only in the developing countries but also in the developed world.

Growth in any economy is greatly dependent on the availbity and accessibility of energy. On the other hand, as energy proves to be an economic challenge, environmental security is also an emerging issue. Environment security campaigns have been rolled out all over the world. The push for harnessing natural energy in environmental friendly approach has been on the rise in the recent past.

Conflict and poverty

Economic growth is highly dependent on harmonious existence between the world’s nations. In order to create a favorable economic condition globally, conflict must be averted. The current conflicts between nations have played the greatest role in creating more challenges in the economy. Considering the fact that the world has become a globalized village where every region depends on the other for sustainable economic survival, the occurrence of conflicts have been a major challenge.

The trade between the westerners and the Middle East for instance is greatly affected by the constant conflicts in the region. Africa on the other side has been grappling with poverty over the years due to tribal and political conflicts despite the rich endowment of natural resources. Poverty presents an array of challenges in the global economic platform. Lack of capital and economic resources hamper the ability for an economy to invest and access factors of production. In a country where the poverty levels are high, economic growth is equally dwindled.

The business communities around the globe have come together in an effort to reduce the impacts of these challenges in the economy. There have been numerous conventions and seminars organized to deliberate on the ways forward in the fight against the declining economic performance. Global awareness of environmental security has been increased to enhance the alleviation procedures.

These challenges are projected to evolve from economic to social and political challenges in the near future. With the dwindling economic performance, the gap between the rich and the poor is expected to deteriorate.

Looking at the history of economic recessions, prior government spending and lack of financial forethought has been the main cause of economic challenges. In an attempt to mitigate the above mentioned international economic challenges, analyzing the past can be very helpful.

Conclusion

This paper has described four major economic challenges that affect the global economic platform. In this essay, how these challenges emerged has been discussed as well as the future anticipation of how they may evolve into other global issues. In the paper, the lessons learned from the past that can be used to alleviate these challenges have also been discussed.

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IvyPanda. (2022, January 24). Key International Economic Challenges. https://ivypanda.com/essays/key-international-economic-challenges/

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IvyPanda. (2022, January 24). Key International Economic Challenges. Retrieved from https://ivypanda.com/essays/key-international-economic-challenges/

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"Key International Economic Challenges." IvyPanda, 24 Jan. 2022, ivypanda.com/essays/key-international-economic-challenges/.

1. IvyPanda. "Key International Economic Challenges." January 24, 2022. https://ivypanda.com/essays/key-international-economic-challenges/.


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IvyPanda. "Key International Economic Challenges." January 24, 2022. https://ivypanda.com/essays/key-international-economic-challenges/.

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IvyPanda. 2022. "Key International Economic Challenges." January 24, 2022. https://ivypanda.com/essays/key-international-economic-challenges/.

References

IvyPanda. (2022) 'Key International Economic Challenges'. 24 January.

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