Press Release of the Session ‘The Four Trends that will Shape the Global Economy in the Coming Decade – AI & Technology, Demography, Geopolitics, Sustainability’

Press Release of the Session 'The Four Trends that will Shape the Global Economy in the Coming Decade - AI & Technology, Demography, Geopolitics, Sustainability'

Mr. R. Dinesh, Immediate Past President, CII and Executive Chairman, TVS Supply Chain Solutions Ltd. in his opening remarks, emphasized four transformative trends poised to shape the global economy in the coming decade: Artificial Intelligence (AI), technology, demography, geopolitics, and sustainability. While these trends offer immense opportunities, they also bring significant challenges.

Mr. Nitendra Rajput, Senior Vice President and Head, AI Garage, Mastercard (India), acknowledged the prevalent concerns surrounding AI but urged stakeholders to focus on its broader implications. He highlighted AI's interdisciplinary and pervasive societal impact, emphasizing its role in fostering inclusivity and significantly accelerating processes to achieve real-world outcomes.

Dr. Rohini Somanathan, Head- Economics Department, Delhi School of Economics, discussed the importance of demography and sustainability in shaping the global economy. She pointed to rising infertility rates, increasing life expectancy, and the widening "silver divide" in certain countries. Dr. Somanathan stressed the need for collaboration between public and private universities to enhance youth productivity, greater representation of women in the workforce (currently at 27% in India), and prioritizing preventive healthcare for the elderly. On sustainability, she advocated for local production with government engagement and greater cooperation between NGOs, and corporates.

Mr. Michael Every, Global Strategist, Rabobank (Singapore), highlighted geopolitics as a critical factor influencing the global economy. He argued that nations and businesses cannot operate in isolation, advocating for economic policies that are efficient, innovative, and sustainable-akin to a well-functioning "economic spacecraft."

Dr. Ruchir Agarwal, Director, Raj Center, Columbia University and President, Global Talent Fund (USA), identified demography, sustainability, AI, and geopolitics as pivotal trends. He predicted that demography would emerge as a central theme in the next five years.

Mr. Rajeev Peshawaria, Chief Executive Officer, Stewardship Asia Centre (Singapore) and President, Leadership Energy Consulting (USA), emphasized the importance of AI, sustainability, and demography in shaping the global economy. He advocated for integrating AI with ethical principles to maximize its benefits, addressing societal inequities, and transitioning businesses toward viewing sustainability as a driver of growth, innovation, and long-term value creation rather than merely a cost & compliance.

The session concluded with questions from the audience.

11 December 2024

New Delhi