13 Jan, 2017
The policy outlook for 2017 appears not too promising. Geopolitical risks will remain high. No improvement in the present unstable global order appears likely. New terror patterns will increase the lethality of terror attacks. Digital disruption and cyberthreats are poised to grow. The economic outlook, likewise, appears pessimistic, with the global economy caught in a low-growth trap. Widening inequality and increasing unemployment will worsen this situation.
After a decade of economic lows, the prevailing sentiment in the marketplace will be uncertainty. In some ways, the 21st century has, so far, proved to be a disaster for the ‘status quoist West’, which failed to recognise the implications of the shift in economic power to the East, even as some countries of Asia turned into new engines of growth. Chinese President Xi Jinping was possibly one of the few world leaders to recognise the nature of the tectonic shift taking place, and came up with the ‘One Belt, One Road’ initiative, accompanied by huge investments in infrastructure to connect China with Europe and the world.