Prospera Newsletter - 18 December 2023

Visualised: AIFED 2023 takeaways

The theme for the 2023 Annual International Forum on Economic Development and Public Policy was “The Fragmented World: Recalibrating Development Strategies”. A range of experts offered interpretations of this proposition, exploring trade, climate, technology and more.

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While the indications are that the era of “hyperglobalisation” is over, globalisation seems set to continue though perhaps in a different form. Fragmentation triggered by geopolitical shifts will be a feature of the new era.

Fragmentation has seen the decline of economic relationships between some countries, while creating opportunities for others who are ready to step in to fill the gaps.

Asia has emerged as a significant player in an increasingly multi-polar world and the emerging economies in Southeast Asia can look to opportunities to develop new products and markets to emulate the growth of the nations to the north.

Opportunities will arise from the need to respond to climate change as countries increasingly look to transition to renewable energy. Access to key resources (e.g. nickel, of which Indonesia and Australia dominate global reserves) will be significant.

Technology is also creating vast opportunities. The exponential increase of chip processing power will continue to drive the development of new technologies that may have previously been considered pipedreams or not even considerd at all.