The global economic picture can change from month-to-month/year-to-year (and decade-to-decade). The decade ending 2019 was a challenging period for many countries – generally weak investment and growth. At times, economic stimulus (tax cuts and increased investment) particularly in the United States of America, had positive global impact. Small vulnerable economies continued to be impacted by adverse factors including severe weather events.
The rapid advance of new technology, being brought to its zenith with Artificial Intelligence (AI) and Machine Learning, should enable economies to overcome/limit many economic problems in production, distribution/trade etc. These technologies accompanied by sound policies, should also help countries deal with problems of high rates of unemployment, low productivity, international competitiveness etc. Countries should be clear about which policies affect different sectors/industries and which ones ought to be given most support/encouragement.
The economic problems of the past decades (among which, probably in all countries), is persistent high youth unemployment, were compounded by a global coronavirus problem. This pandemic created much uncertainty, accelerating the pace of economic change while causing countries, businesses/organisations and individuals to modify their plans and strategies in a multitude of areas. An important and continuing question is: where will the jobs come from for young people?