/Life in 2050: A Glimpse at the Economy in the Future

Life in 2050: A Glimpse at the Economy in the Future

Summary: Take a peek at how cryptocurrencies and population explosions are transforming the global economy.

Original author and publication date: Matthew Williams – May 3, 2021

Futurizonte Editor’s Note: Key idea: the future economies will simultaneously be driven by abundance and scarcity.

From the article:

Much like the size and shape of future battlefields, the evolution of trade, commerce, and global marketplaces is rather difficult to predict. After all, wherever human beings are involved (and in large numbers), chaos is sure to ensue! Still, there are a few significant changes on the way that cannot be denied, and which economists are preparing for. They include, in no particular order:

  • Population growth (predominantly in urban centers)
  • Growth of non-western economies and markets
  • New technologies, industries, and professions
  • Changing temperatures, weather patterns, and water shortages
  • Renewable energy and sustainability

The bottom line is that the future economies will simultaneously be driven by abundance and scarcity, where more people will need to be sustained using less in the way of resources.

This challenge not only has the potential for a lot of uncertainty and chaos, but it will also likely foster the development of solutions.

Growing Populations
According to a 2019 report compiled by the United Nations’ Department of Economic and Social Affairs — titled “World Population Prospects 2019” — the global population is expected to reach 9.74 billion by mid-century. However, the addition of more than 2 billion people will not be equally distributed between the world’s nations.

Whereas Asia has been the greatest contributor to the global population since the mid-20th century, population growth there has been slowing since the beginning of the 21st century. By 2030, Asia’s population growth is expected to plateau, and the population of the continent is expected to stay in the vicinity of 5 billion people until 2050.

From that point onward, the only continent to experience a significant increase in population growth will be Africa. Currently, Africa has a population of 1.36 billion people and is projected to reach up to 2.5 billion by mid-century (that’s an increase of about 83%). Nevertheless, by 2050, Asia will still be the most populous continent, with a total population of about 5.29 billion.

Africa will be the second-most populous, with an estimated population of 2.49 billion. Latin America and the Caribbean will be third with an estimated 710 million, followed by Europe (705 million), North America (430 million), and Oceania (60 million). As always, the factors driving this growth will be economic, social, and technological in nature.

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