Trends in 2024!
Since 2009, it’s been a personal tradition to reflect on the passing year and share insights into upcoming global trends. Delighted to continue this tradition by presenting my latest article, “Global Trends in 2024”! Join me as I explore the events that shaped our world and offer personal thoughts and predictions for the coming year. Your thoughts and comments are most welcome. Wishing everyone a Happy New Year!
Another year has come to an end, bringing with it many developments, both locally and internationally. Taking a brief look at the most significant events that dominated public discourse, media, and social media references, let’s start with the dominance of artificial intelligence.
The term “dominance” might disturb some as it can be interpreted as a predetermined evolution. However, continuous research in machine learning, neural networks, and the automation arising from artificial intelligence has already started to affect and replace a significant portion of human work and activities. The Goldman Sachs prediction that this technology could threaten up to 300 million jobs in the Western world is dystopian.
The application of artificial intelligence permeates every human field, from medical science to applications for smart cities, governance, politics, the environment, and addressing climate change. The list of potential applications is constantly growing, parallel to the necessary establishment of a secure legal framework to protect citizens’ personal data, as outlined by the European Parliament’s AI Act. Intellectual clashes between fervent supporters of artificial intelligence and critics or modern Luddites are expected to continue with unabated interest in 2024. The development and use of 5G network technology will provide more space for the spread of artificial intelligence applications, requiring larger data transfer volumes with positive implications for businesses and industry.
Industrial production in Europe, America, and Asia must evolve under strict sustainability terms if we want to discuss a real contribution to climate change and the management of extreme environmental conditions and catastrophic events affecting the entire planet. Citizens, organizations, governments, and businesses have started adopting sustainable practices. The collective effort to address climate change will intensify in the new year. New funds will be directed towards green investments with an emphasis on renewable energy sources to achieve a smooth transition, while startups will contribute by creating new innovative products and environmentally friendly solutions.
Historically, we may find ourselves at the most crucial point for this transition, as any deviation could be fatal for humanity with the alarming global warming of our planet and the increase in average temperatures.
A trend that started during the pandemic and persists is telecommuting, connected to the aforementioned developments. Flexible forms of work have emerged from digital transformation and our dependence on new virtual collaboration tools, regardless of the worker’s geographical location, whether in the office or at home. As remote communication technologies develop, our world shrinks in distance, affecting traditional economic models and productivity. Digital transformation, aside from the radical changes in employment status, has accelerated innovation in the health sector, with the emergence of telemedicine, smart real-time health monitoring applications, and immediate notification to supervising physicians. After the end of the pandemic, the global medical community, the World Health Organization, and relevant authorities at government level are giving greater emphasis and importance to prevention for global health security and readiness to address new viruses or diseases.
These developments take place as communicating vessels with social changes, activism, awareness of social justice, equality, and diversity. Social networks lead in these trends as we observe that a local issue can quickly find supporters worldwide, influencing public figures, policies, and even governments. Attention and vigilance are required for those who use online media for the rapid spread of fake information for propaganda purposes, as seen in wars in Ukraine and the Middle East where groups exploit technology for malicious manipulation and distortion of the truth. In 2024, increased focus on cybersecurity measures is required due to growing threats and strengthening the protection of citizens.
New economic powers have emerged in a multipolar world. The dominant countries of the BRICS international organization are trying to attract new member states. At the same time, the West faces continuous restrictive economic policies, inflation, reconfigurations in trade, supply chains, and production bases. The trend of de-dollarization will continue as emerging economies strengthen to move away from the dominance of the dollar in international transactions.
While the attention of some entrepreneurs and global leaders like Elon Musk is focused on space and space technology investments, let’s hope that the new year will primarily bring an end to the armed conflicts in our neighborhood. Allowing the author a humble personal prediction, global interest and markets have already begun to focus on the next US presidential elections as a starting point for a new international balance in the most important areas of social, economic life, and geopolitics.
-Efstathios Kassios (Author, Economist, Strategist)
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