As from the news, you can not avoid reading similar news headlines here and there. And if you read enough you can sort out a few main topics related to it.
Once in a blue moon COVID-19 pandemic that happened 2 years back, caused a chain reaction, from the country border lockdowns and most of the country in the initial stage pump in huge amounts of future money attempting to temporarily sustain the issue due to economic activity stop. But as everyone is aware, most of the countries attempt like this only happen in the initial stage, but the COVID-19 pandemic will continue, wave after wave of variant, where in the later stage most of them will co-exist with it, and open the border trade instead. For those businesses that have been falling, it has fallen. For those being forced to unemployment it did so, or forced to work in different sectors or industries.
Economists predict earlier for the year 2020 to 2022 to have recession, due to COVID-19 pandemic, it has been postponed, but it will not get away. Russia-Ukraine war conflict in 2022, where now already over 100 days, global energy and food crisis accelerate inflation globally. Every normal living person will notice the accelerated rise of the living supply and shrinking of the existing money in hand.
A lot of people are reactive and passive living their life. What is the true meaning for being in a recession? More important is what next, you need to be prepared and a few steps before it. History provides a predictable idea of what is most likely to follow next, despite the fact that the past may not be equal to the future, but it provides some of the possibility for you to make preparation for it.
Below the business cycle diagram helps you to visualize and for you to think forward. Recessions typically take 2 to 3 years. If depression takes even longer, and the Great Depression, it will happen before that takes 10 years.
If the world is heading to recession, what next is probably tough if there is no depression before recovery. The world enters expansion and peaks along thereafter. In particular with the fourth industrial revolution (4IR) Industry 4.0 emerging technologies that shape the world are happening right now. For the countries and businesses that do not align with the next wave of big things, most likely will have a very challenging future to come. You can quickly self audit yourself, how many of the fourth industrial revolution (4IR) Industry 4.0 emerging technologies are you aligned or prepared for?
Give the example, smart car revolution (I use it to cover self driving and electric vehicle, include intelligence transportation, and the infrastructure massive replace existing gas station), it make sure the future has clean energy since it battery power compare with previous century old steam engine. Self driving without humans, frees mankind from the transportation and in particular long distance hassle. All the existing related sectors will be affected if you are not positioned earlier on what you want to do in the future context.
A lot of people still underestimate smart factories, what can it really mean and impact. The low cost advantages currently some of the countries offer will be eliminated by the smart manufacturing, order-on-demand, mass custom smaller order quantity production for high micro precision products. Not to mention, it is robotics in nature and no humans involved, and no 24×7 shift for manpower required. It also means the smart factories can be deployed in the largest of the market and no need to be far away. If you are yet to think forward, it is time for you to think and work backward.
E-SPIN Group in the enterprise ICT solution supply, consultancy, project management, training and maintenance for corporation and government agencies did business across the region and via the channel. Feel free to contact E-SPIN for your project requirement and inquiry.
Other post you may be interest:
- From the war to recession and what next
- The effects of a US recession on the world
- From food crisis to export ban in next normal
- Global food crisis begin and what follow next
- 2 years after COVID-19 pandemic where are we going