Economic growth a priority

Economic growth continues to be a priority and is often taken as a given, although questions are being raised due to its impact on the environment and resources. In order to sustain continued growth, governments and businesses are willing to take on more risk to drive up performance and value. However, high risk tolerance may leave economies vulnerable to unforeseen events.

Increasing economic interconnectedness is creating more complex trade and investment relationships to create shared growth, economic opportunities, and enhanced quality-of-life. Emerging economies are integrating into the global economy faster, creating a new global middle class that drives the consumer economy. As the consumer class and general prosperity grows around the world, so does their demand for products and energy. Governments will need to scale their resource and labor supply to meet growing demand. However, interconnectedness can be fragile in times of crisis. During these times, nations may prefer a self-reliant or regional strategy.

In Perth 2050, four Western Australian engineers and designers at ARUP establish visions for the city of Perth in 2050. The visions respond to UN sustainable development goals and are themed Building Sustainable and Resilient Cities. Each vision includes emerging trends and urban policies that could help Perth achieve them. One emerging trend is targeted investment “– establishing infrastructure priorities and reorienting Perth’s economy to support delivery of these items, creating jobs and enhancing Perth’s manufacturing and supply credentials on the world stage”

The Future of Housing: Policy Scenarios by OECD uses projections of drivers such as population, income, and interest rates to create scenarios for residential investment and house prices through 2050. It looks at the potential impacts of economic policies on the housing market.

Agenda 2063: The Africa We Want by African Union outlines 7 aspirations for the continent in 2063. One of these aspriations is “a prosperous Africa based on sustainable growth and development.” A social and economic transformation of Africa will allow Africa to drive its own development, eliminate poverty, and address the global impact of climate change.

Future State 2030: The global megatrends shaping governments by KPMG International and the Mowat Centre examines global mega-trends likely to impact the public and private sectors through 2030, and delves into the megatrends' implications for governments. Two of the megatrends, public debt and economic interconnectedness, emphasize the importance of fiscal policy to respond to major social and environmental challenges.

Review of how science and technology could contribute to better energy management in the future: futures studies by the UK Government Office for Science reviewed existing futures studies surrounding energy issues. The main driver that emerged from the review is the strong link between economic growth and energy consumption.

Future of Consumption in Fast-Growth Consumer Markets: India by the World Economic Forum in collaboration with Bain & Company examines the future of India's consumer market, anchored in the growth of the upper-middle and high income classes. Economic growth and inclusive consumption is the key to addressing major challenges like skilling and job creation, closing the rural-urban gap, and building a healthy and sustainable future.

Economy Cluster Findings - The Future of Asia: Implications for Canada by Policy Horizons Canada claims that over the next 10-15 years, Asia will reclaim its position at the center of the global economy and speculates about what this could mean for Canada. Asia is projected to have 3 of the 4 largest global economies and the largest consumer class by 2030. Additionally, a growing collaborative economy could change the nature of capitalism.

Review of how science and technology could contribute to better energy management in the future identifies a gap in the futures studies they reviewed- the studies don't explore scenarios in which economic growth slows or stops.

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