Recognizing Global Trends: Navigating Finance, Economy, and Business

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Trends for financial year 2023 - 2024

Finance: remote work has caused a rise in the use of digital tools in regards to communication and teamwork. In saying that, it has highlighted challenges such as security risks, and building and maintaining company culture to be clear and strong. Also: finance professionals had to learn new skills and gain new knowledge for working remotely and relied on using data to make finance related decisions.

Economics: the worldwide economic trend for 2023-2024 has seen stable but modest growth, with risks suddenly progressing to the downside. The important factors have been the easing of monetary policy and ongoing disinflation. In saying that, there is a need for fiscal policy to remain sustainable. People need to understand the role of monetary policy in terms of current disinflation around the world, and the factors which drive the social acceptance of structural reforms. This is because they are important for promoting stable and faster growth in the upcoming future.

Business: from the year 2024, it is necessary for businesses to comply with environmental, social and governance (ESG) standards because of the increased legal responsibilities and demands from the investors. The European Union (EU) has set up regulations such as the Sustainable Finance Disclosure Regulation (SFDR) and the Corporate Sustainability Reporting Directive (CSRD). Companies often face challenges in regards to collecting data, as well as meeting these standards. An effective ESG reporting shows a company's commitment to sustainability and ethical practices. This enhances relationships with investors and being transparent as an organization.

Trends in Global Trade

Global trade in 2023-2024 has observed major developments. For instance: the US increased tariffs on Chinese exports to address unfair trade practices which were occuring. Global trade is estimated to reach a high record of nearly $33 trillion in 2024. This will be a 7% rise in trade in services, and a slower 2% growth in trade in goods. Global trade was predicted to reach approximately  $33 trillion. This is driven by services  trade. Developed countries have progressed further than developing nations in terms of trade growth. Japan and the United States have demonstrated strong performance in exports of goods and services. In saying that, developing regions have struggled, as there were declines in imports and exports in certain areas.

Benefits of Understanding the Trends for Individuals and Businesses

People and businesses can benefit from understanding the global trends. This is because by establishing themselves into new markets and reaching out to more customers, businesses can get higher revenue and growth. For instance: a global positive mindset will help to gain new insights and adapt to changes which are continuously occurring. Also: building strong international partnerships can mean access to new resources, expertise and ways of distribution. This means that staying up-to-date and flexible play essential roles in terms of gaining success.

Estimated Trends for the Financial Year 2024 - 2025

Finance: The financial sector is projected to see a decline in interest rates, after a time period of constant increases. This trend will help the consumers who are seeking loans. Security concerns will remain essential.

Financial institutions will use advanced measures such as AI for threat detection and responses that are received from outside the business. Sustainable finance will remain a priority, and companies will continue to focus on eco-friendly practices and investments.

Economics: short videos content and/or reels will play a major role in social media strategies. Platforms such as TikTok, Youtube and Instagram have witnessed a rise in investments and have proven effective in terms of marketing. 

User generated content (UGC) will play an important role in brand awareness, as consumers would trust organic content from other users. Influencers and affiliate marketing will continue to be important. In saying that, the one thing that UGC will offer is cost effective and meaningful ways to engage audiences.

Business: E-commerce will continue to grow. This will enable businesses to collaborate with global markets and offer innovative shopping  experiences, such as augmented reality (AR). There will be a greater focus on workplace skills - soft skills such as having excellent communication skills and empathy.

These are important skills in a world that is increasingly becoming automated and at the same time is still people-oriented. Skill- based hiring practices will become more common and acceptable. This means that it will focus on candidates' abilities in comparison to simply their qualifications.

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