PERSPECTIVES ( ARCHIVES )
The wave of populism and nationalism swept through the world over the past few years. Within Europe, the rise of the Eurosceptics has divided the EU. The Brexit referendum as well as the rise of populism within many European countries endangered the unity of the EU.
In 2017, the impact of United Kingdom (UK) initiating its exit from the European Union (EU) started to be felt, particularly within the UK economy. However, Brexit will indeed have a major political, economic and social impact in the UK, Europe and the world in the years to come.
More than a year passed, since Donald Trump won the US presidential elections in November 2016. Rather than having a continuity on the American foreign policies on trade, security, climate and others, President Trump has not only been systematically rescinding and revoking policies made under the previous Obama administration, but also adopted a path that is re-positioning America's global leadership position in the world.
According to the latest World Economic Outlook, released by the IMF last October 2017, the global economy is strengthening and looking brighter. With a broader based economic recovery, the IMF estimates that the global growth in 2017 will increase to 3.6%, up from 3.2% and 3.4% in 2016 and 2015 respectively.
2017 has been full of ups and downs. As the year comes to a close, we are reviewing some of the main events that have marked the year. Some of these political and economic events will still continue on influencing the world in the coming year.
Including 2017 World Review, How has the World Economy fared in 2017 ?, Where is the United States heading with Trump ?
Aviation is on path of growth worldwide. There remain several big challenges in the aviation industry despite the increase in flights, routes, and air passengers. Although the industry expects the number of air passengers to grow in 2018, the increase will also greatly depend on macroeconomic growth.
So far it remains unclear about how the UK will disentangle itself from the EU and how its relationship with EU will eventually be. All these changes definitely create a lot of uncertainties for business leaders, since they have to think and implement the right corporate strategy to deal with the future post-Brexit environment.
When former Prime Minister David Cameron made the promise in 2013 to have a Brexit referendum for the British people to decide on the fate of the United Kingdom (UK) in the European Union (EU), he probably never foresaw that it would eventually cost him his job.
Despite the fact that the global economy is slowly recovering from the Global Financial Crisis in 2008, its recovery is very fragile. With the rising trends in populism, protectionism and anti-globalisation in the world, it can relapse into recession.
In this very unpredictable environment, corporate leaders are pressured to not only deliver consistently high financial results, but also have a clear winning and sustainable competitive strategy.
US President Donald Trump has been actively pushing forward his 'America First' campaign rhetoric. As for Africa, besides phone calls to the Egyptian, Kenyan, Nigerian and South African presidents, there has been a deafening silence.
The expanding breadth and depth of African economic activities over the past years has ushered in a growth era, with the continent having 34 of its 54 countries forecasted by World Bank to grow between 3% to more than 8% in 2017, above the forecasted 2.7% world growth.