The American Chamber of Commerce in Hong Kong is one of the largest American Chambers outside the U.S. It is the largest international chamber in Hong Kong and is considered one of the most dynamic and influential international business organizations in the Asia-Pacific region.
Lexicon’s senior vice president of global solutions, Avrom Goldberg, attended the organization’s recent luncheon, which featured Robert Ward, Editorial Director for the Economist Intelligence Unit (EIU). Ward presented EIU Forecast for 2050. The EIU is a subsidiary of the well-known Economist magazine.
For global mobility managers, this presentation highlighted some important topics that will impact business growth and strategic direction, especially as it relates to employee mobility and global mobility trends.
Robert Ward took a look at key global economic, political and business trends for 2015 and beyond, sharing insights from the EIU's latest long-range forecasts to 2050. He gave the EIU's viewpoint on key questions including:
What will be the new world order?
How will China prepare for its ageing population?
He examined the emerging world, considering the seriousness of China's slowdown and looking at which countries are the growth markets of the future. He also touched on key megatrends, especially urbanization, and their implications for the global economy.
For global mobility managers, some key points presented were:
- In global economic terms, we are living through the most transformative era of the past 50 to 100 years
- Each of the top three economies in 2050 (China, US, India) will be bigger than the next five economies put together (Indonesia, Japan, Germany, Brazil and Mexico): the first time this has ever been the case
- The U.S. currently accounts for roughly 30% of the world’s middle class and Asia for 23%. By 2030 Asia’s share of the world’s middle class will climb to almost 60%
- By 2030 the world’s largest city in terms of population will be …. Jakarta!
- The Economist also predicts that despite the recent successful round of bailout talks, Greece will leave the Eurozone
There is no question that business expansion and employee mobility hinges on how these world economies will develop. Global mobility managers and their employee relocation policies need to begin planning for how these trends will impact their future growth and mobility.