By 2050, it is projected that only India would be recording growth rates significantly above 3%.
Incomes and Demographics
By 2050, despite much faster growth, individuals in those countries are still predicted to be poorer than those persons living in any of the now G6 economies . Russia is the exception, essentially catching up with the poorer of the G6 in terms of income per capita by 2050. By 2030, China's income per capita could measure up what Korea's is today. In the U.S., income per capita by 2050 could reach roughly $80,000.
Demographics play an crucial role in the way the world will change. Decline in working-age population is projected to take place later in Russia and China than India and Brazil than in the developed economies Kegley & Raymond, 2011()
Globalization will substantially increase in two folds due to improvement in technology and transportation network for product flow among countries, language acquisition and job placement among other factors. Trends show that with an improvement of transport network and technology will most likely reduce the cost of transportation while improvement of information technology has and will lead to an improvement in the volume of information available at almost no cost. Also in addition, low communication and transportation cost has significant consequences on the nature of production activity, the flow of knowledge necessary for its production and more so, the market for the products that are made. Reduction of communication and transportation cost for instance may result to a raise in the magnitude of competition and foster identification of most economies site for both manufacturing of products and their marketing Intelligence & Cia, 2005()
Technology is likely to foster globalization since the introduction of flexible production forms. Companies have stopped using the vertical integrated form of production, and they have started embracing the specialized production form which can easily be introduced across national boundaries. Therefore, companies are no longer tied to one specific location and this consequently leading to the business establishment in targeted countries becoming more intense than before Miroslav Volf & William Katerberg, 2004()
The new technology in use will enable multinational companies to have a chain of production sites in various countries, which will create, job opportunities in those countries that they are established in. But the job placement in those countries will depend on the local people's ability to gain the required knowledge and perform. Those with low capabilities of grasping will likely to be given the simplest know how which they can master while those with high capability will be given a more advanced forms of know-how.
A trend can be defined as a general course, direction or prevailing tendency which people follow to achieve a certain outcome or result. Trend analysis is where current development are observed to give assumptions of the future events. Trend analysis is normally carried out to determine any unusual changes expected in the near future. It is also used to find out if there is an actual trend or pattern in an occurrence so as to find the solution to it or promote it is it has positive impacts the Futurist, 2005.
Hence, through the use of trend analysis technology timeline, we are able to know some of the impacts of the globalization and their mitigation measures. For instance, in the transport sector, the radical changes which are to be seen will be pegged on two key factors; these include; the need for environmental change and sustainability of the transport industry.
Environmental change requires the use of fuels, which reduce, substantially the emission which causes global warming, and in order to have a significant environmental change, all vehicles manufactured in the future should be using clean energy which reduces the amount of carbon emission into the atmosphere James Hansen & Martin Medina-Elizade, 2006.
Therefore, there are forecast that, within the time zone of 2010-2015, there will be creation hybrid fuels to reduce on the emissions. Technology then will have advanced to the extent of developing of vehicles with the capability of utilizing more than two power sources, an example being, vehicles that use electricity to combine an internal combustion engine and electric motors installed in it.
Also within the same time zone, there will be fractional ownership and biofuel backlash will be introduced. In fractional ownership, asserts will be owned by several individuals, since most properties will be attracting huge capital to acquire. Also, there will be a reduction of production of biofuels, this is because biofuels needs a lot of raw material to manufacture, and when it comes to using food crop to produce it, the a lot of it, enough to feed a large population, will be used to produce the biofuel such as ethanol. At the end, of this period fuel cell vehicles will have been introduced so as to reduce dependency on fossil fuels, scientist by then will have come up with a vehicles technology that enable the car utilize oxygen and hydrogen in the creation of electricity which will power an electric motor James Hansen & Martin Medina-Elizade, 2006.
This technology will reduce substantially over dependency in fossil fuels hence; promoting environmental change. In the 2015-2020, all vehicles will have been fitted with rear view mirror; this will help to reduce accidents hence, ensuring safety of the all road users including cyclist and pedestrians. Later on within the time zones, all vehicles will be required to have a real-time car insurance. This will help to promote sustainability in the transport industry since vehicles will be eligible for compensation of any kind and this will reduce losses vehicle owners and passengers go through in case of an incidence or accident.
At this time zone, the number of vehicles on the roads will be many and there will be efforts to reduce their use at a specific time, an example of such efforts include charging vehicle owner who may want to enter with them into the town, therefore people will be forced to use the public transport system or even carpooling. Within the years, 2020-2025, predictions show that technology will have advanced to the extent of having driverless Lorries. These Lorries, mostly those, which carry manufactured, goods will be self-driven by the use of the intelligence system fitted in them together with the help of a remote driver. At this period, there will also be remarkable improvement in building materials to the extent, bridges will now be made from plastic. This plastic in use will be a mixture of other chemicals which will make it cheap to build and strong to handle the weight of the vehicles passing through it. The plastic will help to save on the non-renewable materials which are normally used hence such as iron hence saving them for future generation Intelligence & Cia, 2005()
In the sustainability part of it, projections show that few years from now, between years (2010-2015), there will be more of urban car sharing to save on the overall cost of travelling to work. This will also result in a huge decrease in roads congestion hence, reduction in time wastage on the roads as a result of jam which has a negative impact on the economy. By 2015-2020, all vehicles will be fitted with GPS systems to enable the owner to track his/her vehicle in case it has been stolen. The GPS will also be used to reduce crime such as theft and robbery using stolen vehicles and even owner who will have broken traffic rules may be found and charged easily. Between the periods 2020-2025, there will be an advancement in the use of GPS in vehicles, this GPS will assist drivers locate places they are going to easily and using the fastest route which is free of traffic hence, saving on the time spent driving around looking for a location and this will also lead to fuel saving. The GPS will also be used to control the self-driven vehicles
At this time zone, there will be the introduction of variable road pricing depending on time of the day/traffic volume, this is done to discourage vehicle owners from using certain types of roads at a given time. The road pricing policy will help to reduce the amount of vehicles being driven at a time, traffic congestion will be reduced also it will help to control the use of prime roads hence reducing congestion on the roads. There will be more hydrogen fuel stations instead of the current petroleum fuel to save on emissions and to reduce overdependence of the vehicles on fossil fuel. Because of the introduction of vehicles using hybrid fuels, then there will be a need to have more hydrogen fuel stations since the number of vehicles dependent on t will be high and their capacity to carry many liters of it will still be low.
In conclusion, the world's economy has improved a lot over the previous…