CATEGORY: Global Perspective
The global economy is entering the Fourth Industrial Revolution (4IR), or Industry 4.0, based on the application of new digital and automated technologies in production processes and service delivery. These changes are presenting emerging markets with opportunities such as improved productivity, as well as risks, namely reshoring and the displacement of human labour by automation. Wealthier emerging markets, such as the Gulf states, that have the resources to invest in new technologies, and those with better established manufacturing sectors, such as the countries in Southeast Asia, appear best placed to reap the benefits of the 4IR. Many of these economies are putting in place strategies to manage and encourage the transition towards Industry 4.0. Meanwhile, other regions have shown signs of so-called premature deindustrialisation.
Against a backdrop of increasingly severe and costly climate events and natural disasters, technology is poised to play an important role in maintaining and improving global agricultural output. The adoption of digital and precision farming practices has been shown to improve crop resiliency and boost productivity and incomes, particularly in emerging markets where small-scale farmers are often more vulnerable to climatic impacts. With increasing support from international aid agencies, as well as the public and private sectors, precision farming should help emerging market economies maintain production through the use of mobile apps, automation, and precision farming techniques and projects – already successfully deployed in some countries despite the increased incidence of climate events.
Countries and regions across the world have long understood the potential of MICE sector as a vehicle to drive high-value tourism and further economic development. In recent decades this has led to significant investment, with nations working to position themselves as centres for the industry, both regionally and globally, aided by greater air connectivity.