Restructuring of the Global Economy
Ever since the publication of the BRIC (Brazil, Russia, India and China) report by Goldman Sachs in 2001, the debate about the role of so-called developing emerging countries versus the supposed developed countries in shaping global business has gathered momentum. A revised version of the same report entitled BRICs and Beyond by the same authors, with upward revision of certain growth projections, has added further fuel to the debate so much so that by now, most countries have accepted that the world economy is in transition. A second wave of nations, the MINTs (Mexico, Indonesia, Nigeria and Turkey) have also been mooted as ones to watch, whilst the ramifications of the global financial crisis of 2008 has caused many of the established economic orthodoxies to be both questioned and challenged. In addition geo-political considerations combined with anxieties over energy, water and fuel security have raised serious questions about policy, future strategy and the merits and demerits of globalization.
It is entirely understandable that such a changing economic dynamic calls for fresh thinking towards the formulation of policies examining macroeconomic stability as well as framing of strategies by firms irrespective of their sizes. Multinationals and SMEs, all will be involved in formulating strategies in order to survive, compete and grow. There is intense pressure on both governments and businesses to perform and deliver. In such a scenario, alternative and maybe radical policies and strategies will need to be thought out and placed before the decision making bodies. New technology, changing demographics and the need to meet the demands of diverse stakeholders ensures that for policy makers and practitioners alike these are indeed challenging times.
We all need to be receptive to new ideas. Sadly in some respects many of us have allowed ourselves to become ideologically/intellectually cocooned, so much so that some of us have yet to comprehend how the likes of the Brexit result and similar momentous events came about. This conference is an important opportunity to broaden our horizons.