What 2024 has in Store!

The Global Scenario

Right now, the two sores that are festering are the wars. They are causing uncertainty and weariness. There seems to be some talk about ending the conflicts, but it would take time. The Arab countries will push for a two-state solution. There will be a reduction in military and financial help to Ukraine from the US and Europe.

Let us not forget that there will be 50 countries going to elections. The world’s largest democracies, India and the US will go to the polls and so will the European Union, Indonesia, Mexico, and Taiwan among them. The outcome of these elections will bring in change. ?

Countries like China, India Brazil, Iran, and Russia are playing important roles on the global stage. The inclusion of Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates signifies that the traditional order is going to be challenged. It would be a multipolar world. The BRICS summit will be held in Russia in October 2024.

?The Global South reflects a new reality on the global geopolitical stage. India’s deft move to include Africa within the G20 fold during its presidency has held India in high esteem amongst the African nations, raising the heft of this continent in the global order and challenging hegemony.

The global economy is going to be dictated by wars and changes in power structures. Continuing war will cause commodity prices to rise. Due to volatility, there could be a recession in some of the Western nations. Nations such as Pakistan, Türkiyé, and Iran are likely to see inflation and rising interest rates.

India remains the brightest spot. It has handled its economy astutely during the hard years of the pandemic. The government of India has also brought new policies and legislation that have improved the overall economic outlook. Big multinational companies are seeking a foothold in India for manufacturing, in addition to China. This way, they are not wholly dependent on China.