There could finally be return to a global economic boom (GDP growth over 4%) similar to the PC and internet boom of the 1990s and early 2000s. The Boom years of the 1960s and early 1970s at over 5% global GDP growth could also be possible.
This would be seen as coming true if 2018 and 2019 achieve solidly over 4% world economic growth versus the low 3% GDP growth of the last decade.
The Philippines aims to reach 7% to 8% growth annually over the next 6 years, with an P8.4-trillion infrastructure plan until 2022 and a tax reform proposal pending at the Senate.
Goldman Sachs is predicted a stronger world economy in 2018
India forecasted to have strong growth through 2027 if digitization is successful
Morgan Stanley forecasts India’s GDP to reach $6 trillion in 2027 as a result of its digitization drive. That would make India the third-largest economy in the world, behind the U.S. and China, which recorded $18.5 trillion and $11.2 trillion in GDP, respectively, last year.
Digitization also paves the ways for the country’s equity market to become one of the world’s five largest, with a market capitalization of $6.1 trillion.
India’s problem was that most lending that occurred in the formal sector went to large corporations or mortgages as banks did not have access to data on individuals or small and medium enterprises (SMEs) that wanted to take out loans.
As the adoption of digitization improves, tracking the credit history of individuals or SMEs is expected to become simpler and that’s likely to give a boost to the economy.
“[T]hat will allow banks to be able to lend much more effectively, so the credit will flow to the right part of the economy,” Agarwal said.
A India Digitization boom that boosts individual lending can be replicated in other parts of Asia, Africa and developing world
If India has a long boom from digitization and effective individual lending, then a similar boost from new blockchain finance and other fintech innovations could be applied in other developing countries.
Deep learning could be worth $17 trillion to the world economy by 2030. As deep learning advances, it should automate and improve technology, transportation, manufacturing, healthcare, finance, and more.
Digital Finance could add 6% to world GDP by 2025 which would be about 0.7% per year to GDP growth for 8 years. This GDP growth would also likely continue.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
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