Higher GDP per capita alone does not determine real quality of life. This is according to the Social Progress Index (SPI) 2016 published by US-based nonprofit, the Social Progress Imperative. The Index ranks Finland the world’s most socially progressive country, Canada in second place tops the G7 nations.
World’s top economies known as G20 nations or Group of Twenty, accounting for 85 percent of the world trade, met in Chinese Shanghai on July 9-10 to discuss and find solutions for the global slowdown of economies, causing serious concerns globally. G20 economies decided to remain committed to an open global economy, and will further work towards trade liberalization and facilitation, said a statement released following the two-day G20 Trade Ministers Meeting in Shanghai.
A new WTO report indicates a worrying rise in economic protectionism. Countries are imposing new protectionist trade barriers at the fastest rate since the onset of the recession in 2008. Since that year, G20 countries have erected 1,583 new trade restrictions, potentially hurting the global economy.
Rich and poor countries alike are missing huge opportunities when it comes to making the most of their populations’ economic potential, with only 65% on average of the world’s talent being optimized during all stages of the working life time, according to the World Economic Forum’s Human Capital Report 2016.
A technology revolution is disrupting the financial services industry and could make digital currency and blockchain transactions commonplace in just a few years, financial technology and fintech experts argued in a session on the topic at the Annual Meeting of the New Champions 2016. Technologies from big data analytics to mobile apps are reshaping the sector, resulting in new ways for companies to interact with customers and for consumers to manage their money and conduct transactions.
The commodities boom has deflated, and Latin American economies must now develop ways to stimulate growth in a tepid environment. The challenges are many and tough, and a number of promising approaches are clearly in view, senior government officials and experts agreed on the final day of the World Economic Forum on Latin America.