Theme: Ensuring Tangible Economic Growth, Stability & Prosperity!
Ensuring tangible economic growth and stability is absolutely necessary in order to offer a higher standard of living for the citizens of a country. However, many governments face a lot of challenges on account of the volatile economic environment, today. Economists argue in favour of sustained economic growth as it would add tremendous value to all the stakeholders in the long run. However, there are many risks and roadblocks being faced by the governments in achieving these goals.
According to a research report published by the World Economic Forum, there are about ten bigger challenges being faced by the world economy. The most significant issues included in the list, have been highlighted, below.
(Source: www.weforum.org Topic: What are 10 biggest global challenges?)
Food Security: By the year 2050, the world must feed 9 billion people. Yet the demand for food will be 60% greater than it is today. Ending hunger/malnutrition and achieving food security are the primary responsibilities of every government. To achieve this, the report indicates that agricultural sector should resort to modern methods to be more productive.
Income Inequality: Income inequality is yet another problem being faced, globally and it has to end as it is the root-cause of many social evils and problems. The answer, according to the report, is to make sure that economic benefits reach every segment of the society. In other words, concentration of wealth in a few hands should be eliminated.
Job Creation: The report further indicates that a little over 500 million new jobs will have to be created by 2020 to provide opportunities to those currently unemployed. Also, adding to this is the fact that many more youngsters would join the workforce in the next few years. Skillsets of employees to be improved clearly synchronizing with the employers’ expectations.
Climate Change: Greenhouse gas emissions have been increasing at an alarming rate. Efforts have to be initiated to limit gas emissions drastically as they are at the highest level in 800,000 years, according to the report. In other words, Earth has been warming up faster and this trend should be arrested, immediately.
The Global Financial System: Even after ten years, the global financial system has not recovered from the shocks and impact of the global crisis which shook the world in the year 2008. Since the global financial system/markets are interconnected, a shock in one region spreads like a wildfire and affects other regions, as well. We should, together, make the global financial system very safe and secure and rope in many investors to enter into the markets. Financial institutions should regain the trust and confidence of people more particularly, the investors.
Against this backdrop, this conference in Vienna, Austria aims at achieving the following objectives:
a) Analyse the major factors which would contribute to tangible economic growth, stability and prosperity;
b) Encourage active and socially relevant research works on the above crucial issues and come up with meaningful solutions to help economic activities to accelerate and create sustainable employment opportunities and economic growth, in the long run;
c) Provide an ideal platform for researchers, economists, bankers and practitioners to network and share their research and practical experiences to develop models and systems for addressing recession-related issues and economic growth-related activities;
d) Offer suitable solutions so that the world becomes a better place for the humanity to lead a happy, peaceful and normal life in a great/tolerant society.ש