Trends That Will Shape the Global Economy in 2018-19 Essay

Introduction

The global economy has been changing since industrialization began to shape the world. Countries that are involved directly in global trade have developed to a large extent as well. The 21st century has been marked with significant changes in the world trade since most countries are no longer colonized or fighting against each other. As such, subsequent changes have emerged in the world markets which have been attributed to the increased level of technology globally. Based on the great changes that have been witnessed in the previous years, assumptions have been made on the anticipated changes in the 2018/19 year due to the trends that are taking over the business world. Among the trends that are expected to shape the global economy are the increased mobile phone usage, digital renaissance, increased freelance works, platform dominance, and hospital consolidations. Such trends have led to a positive financial impact on the relative countries.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Mobile Phone Usage

The mobile technology was discovered with the aim to help people communicate with each other even when at distant places. The first phones to be made were only equipped to send audio communications to people who could not be reached easily. However, the current modifications on mobile phones have enabled owners of such devices to use them for various functions including those that can earn them income. The modifications in the mobile phone set up have been a significant boost to the economic world, especially in most recent years. As such, the same changes are expected to come over in the 2018/19 year whereby the mobile phone will be used in making business transactions.

Above all, the recent mobile phones have been equipped with an application that can help the mobile holders to engage in ecommerce which is the engagement of an individual in business through electronic means (Tanviruzzaman 58). The application acts as the website which can be accessed any time and at any place whenever the phone holder wants to do to online business. Since the phone has many modifications, it can be used to communicate to the business merchants directly or send messages to them so that they can engage in a business that can earn income by selling and buying products from them.

Online trade and marketing have existed for many years after the introduction of computer technology. Therefore, the growing number of smartphone sellers worldwide means that every person is likely to own the smartphone from 2018 onwards and this will encourage online marketers to promote online businesses whereby consumers do not have to travel to the selling premises (Lugoye 536). Instead, they will have to order the goods and services they want to buy through the website displayed on their smartphones. After that, the goods and services may be delivered to their doorsteps and this means a rise in local and global finance thus improving the business economy

Some of the mobile business websites that can be accessed through the smartphone are Amazon and eBay. The websites are business-based in that consumers access them and purchase what they want. The use of smartphones in trade has already made life comfortable and efficient for those who own them, and much is expected in the 2018/19 year. Online marketers will benefit hugely from the increased use of phones in trade in that more people will access their goods and services by searching them on eBay and Amazon. Such business deals will not only benefit the sellers but also those who run the websites. The world financial economy will also improve as international trade and marketing be possible in that the goods advertised on the trading websites can be exported to other countries who have an interest in buying them.

Digital Renaissance in the Rising Economy

Digital renaissance refers to the current inventions in technology that are aimed to promote business in the world. Inventions and discoveries started during the Renaissance period. The inventions were meant to make work more comfortable and to increase productivity. Computer-based machines were discovered to carry out activities that were too tedious to be carried out by a human. Earlier on, the discoveries included industrial machines that could manufacture and process goods and services. In the 21st century, most of the inventions made include computerized machines in that they can work automatically without human intervention (Tatsuno 147). Computers of high quality have been discovered to run different activities such as data calculation and they are in business warehouses such as supermarkets where they are used to count items before they are packaged for sale. The high accuracy and speed of such computers ensure that the business investors sell many products at the same and this improves the economy of the countries as the rate of income earned increases.

Some of the discoveries in the 21st century that have made the business world active are the inventions in banking and money transfer. In the past, it was difficult to make business deals without meeting face to face since there was no way to transact money apart from the direct exchange. International business was not possible since people had to travel long distances to meet their business partners before engaging in any business. Fortunately, improvements have been made and business transactions can be made nowadays without the partners travelling to meet face to face to make negotiations. Money can be transferred directly to the recipient through online banking and mobile phones. Debit Cards can also be used to send money directly to the merchants without having to move to meet in person. For that reason, business activities are likely to be shaped by the continuous change in the money exchange methods. The convenience in money transfer has promoted business in the world in that business partners do not have to strive to engage in business and this has improved the ways in which countries invest and earn finances through active online business.

Consequently, transfer of goods has also been modified and this has made it easier to transact perishable and bulky goods internationally. Developed countries have autopilot planes that use computers to fly instead of human beings. Such planes can be used to transfer goods for long distance at the shortest time possible. Besides heavy goods are transported through shipping by the use of electronic ships. Electronic ships have been trusted since they can carry a large cargo over a long distance (Nagano 231). The two forms of transport mentioned above have boosted the global business, for example, among countries such as Canada, Australia, and the United Kingdom that are in the Common Wealth Foundation. It has allowed even the underdeveloped countries to market their resources to the world hence getting the income to develop their respective countries by investing in the foreign exchange income earned through export of their goods.

In the 2018/19 year, the advancement in technology is likely to improve the business transactions. Countries can import and export good easily due to the modification in the transport sector. Jets and other types of planes can ensure that even the perishable goods are sold to distant countries with any risk of damage. Also, shipping can ensure that heavy goods are easily transported to other counties for sale thus enabling countries to export in an exchange with foreign income. On top of that, development of worldwide money transfer systems such as MoneyGram and Pay Pal will act as an efficient way of money transaction as long as the transacting agents are trustworthy. As such, individuals and even companies from different countries will be in a position to get enough financial from selling their goods to the international market and thus promoting the global market as they gain their profits too.

Increased Freelance Works

In the recent past, there were no job opportunities for many people in the world since the technology was still behind. With the introduction of computers and internet websites, many jobs have emerged which involve working true the internet. At first, only a few people knew about freelancing since not every person owned a personal computer and some were not aware of freelancing (Watson 1432). The 21st century came with many ideas of freelancing which include online surveys and academic writing among other jobs. The jobs were mainly taken by youth who were desperate to get a modern way of earning real money without having to struggle a lot.

Online surveys are always posted by research companies who want to study something that needs much information from the public. As such, they post the survey questionnaires on the internet so that those who are available and willing to perform the task can do it and get paid. For that matter, those who have access to the internet can run the survey and get their pay afterwards (Brurke 97). On the other hand, academic writing jobs are also available for those who are trained to write fluent academic papers. They also require an individual to have a personal computer and adequate access to the internet. The academic writers do their jobs and wait for the payment when it is due.

The current fluctuation in the job market has left young jobless even after finishing their college education. There has been a stiff competition among the job seekers, and many of them end up getting no job even after struggling for long. Despite this, the cost of living is still high, and those who do not have jobs suffer in poverty. Luckily, the freelancing jobs have risen to become an alternative source of cash for those who have failed to get employed after finishing school. With most of the unemployed population consisting of young people, the only option they have is to apply their knowledge in doing freelancer jobs so that they can earn a living. Consequently, many people end up concentrating on freelance jobs, get enough money and use it to invest for more development.

In 2018/19, freelancing can still count among the preferred income-earning job especially among the youths. Since almost everyone in the current world is aware of freelance jobs and own personal computers, there is an anticipated rise in the income earned through freelance online jobs. Those who are jobless will also find a source of income thus improving their living conditions. The freelance jobs are available worldwide, and so it is likely there will be global development in such business. The global economy will also be uplifted as the freelancers use the money to invest in their respective countries.

According to the information gotten from freelancers, the business is reliable and cannot be easily destructed by other factors. Losses encountered may be quickly recovered through hard work. It is not costly since workers perform tasks from their residential premises. Besides, it does not require many requirements such as CVs or long-term experience. Thus, the business is quite promising and when done with care can be a good source of finances to individuals in the world. As a result, the global world will see a significant improvement in its economy with the consistency seen among freelance writers. The only limit of economic development of this job is that it cannot be easily taxed, limiting the government from collecting its due from the workers for national development. Still, the government will benefit when freelancers invest their income in the open world. In that case, they will have to pay taxes to the government to perpetuate development.

Platform Dominance

Platforms, in this case, include the online channels where many people from the diversified world communicate with each other openly or access them to search for vital informat...