The International Monetary Fund (IMF) expects that GDP will decline for some nations in the mid term future. On a global level, there appears to be a slowdown in growth, and could impact investments in human capital and technology. Further, low growth and high-interest rates might make some debt unsustainable. The IMF suggests tackling labor, capital, and allocation, known as Total Factor Productivity (TFP) because it was responsible for approximately half of the declines since the pandemic.
But wait...there is a silver lining......
(While they don't say this the U.S. was somewhat of an outlier because it is growing and with the right policies can grow further past a 5 year projection. i.e. midterm.)
As a person working on a rapid innovation transactional theory that relies in part on technology and advanced skilled labor (education or training), I agree with the concept that access to education and technological advancement (innovation) to better to allocate our human capital talents with emerging technology is important. Thus, we start seeing a similarity in concept forming across various entities and different research pieces.
To me, we can improve labor capital growth by encouraging accessibility, cost, and quality of education to help people update their skills for rapidly changing jobs that will emerge from new technologies. We should also focus on innovation (i.e. things like transactional cluster theories and other innovation supporters such as grants, research, academic-industry-community growth, etc.) to build on top of our updated infrastructure so as to boost the productivity of the whole nation in a way that fosters upward lift in the nation's advanced manufacturing global value chain.
No comments:
Post a Comment