Where to look for economic growth in the post pandemic world - Future World
Entrepreneurs and innovative companies, especially in digital technologies and biomedical science, will lead the charge
As the global economy recovers from the pandemic, there are many areas of uncertainty. But some industries seem poised for a period of extraordinarily rapid growth. Specifically, in sectors with a combination of technological possibilities, available capital, and high demand for creative new solutions, conditions will be highly favorable for investment and new company formation. But what will growth patterns and dynamics look like in the post pandemic world?
The economy is one of the key aspects of our society being impacted by megatrends, analyzed in the 'Future World' series produced by Bocconi University – along with those impacting digital transformation, climate change, demography and the European Union. Bocconi professors talk about the forces at play, the challenges and opportunities, and how we will need to transform and adapt, with added commentary from prominent guests.
In the post pandemic global world, powerful digital tools, entrepreneurs, growth companies, and supportive innovative eco-systems will lead the charge.
In this video, Professor Michael Spence, Nobel Prize in Economics in 2001 and Professor of Economics at Bocconi University, gives us his outlook on where we should look for growth in the coming years. His three leading candidates for growth are the application of digital technologies across the entire economy, biomedical science and its applications in healthcare and beyond, and technologies that address the various challenges to sustainability, especially those associated with climate change. Elevated growth in this context means not just sector growth, but high levels of entrepreneurial activity and innovation, a plethora of new fast-growing companies, and large inflows of capital.
These areas share a drive given to them by digital transformation. With the increased forced adoption of digital technologies during the pandemic, there is now a heightened awareness of both the opportunity and the necessity of digitalization. Powerful digital tools and solutions will spread throughout the global economy and entrepreneurs, growth companies, and supportive innovative eco-systems will lead the charge. Different from the past where innovative ecosystems tended to be geographically concentrated, these new systems will be global in scope and impact.
The entrepreneurial sector in China has shown great resilience and energy and seized the opportunities and challenges caused by the pandemic to drive innovation.
But will growth patterns and dynamics be similar across the globe? Fred Hu, Chairman of Primavera Capital Group, gives us some insight into what he is seeing in terms of growth and entrepreneurial activity in China and across Asia.
And the potential for expanded inclusive growth patterns is also very real. From E-commerce to mobile payments and fintech, to health and education, there is the potential to level the playing field with respect to access to key services. Prof Spence also believes we seem to have finally turned the corner in terms of a global commitment to live within planetary boundaries and that the opportunities for those who wish to exercise their creative potential in contributing to solving social, environmental, human development and welfare challenges, has probably never been better.
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Demography shapes and is shaped by economic social, political and environmental change. What are the fast and slow population changes underway impacting society?
The pandemic has uncovered geopolitical, economic and social weaknesses in the EU. How can, and must, EU leaders tackle the major challenges?