In a few days, 2024 is coming to an end. Before we step into 2025 and get carried away, it is time to reflect how the year has been for us. Undoubtedly, 2024 was full of action on every front – economic, political, financial and social. The most notable change seen in 2024 is that events are beginning to have a much greater global impact. It is as if the butterfly effect has suddenly been magnified. What would normally have had a limited local impact is now affecting people far far away.
One reason of course is that social media is now increasingly dominant in all spheres – personal, social, political, economic and financial. If a bank goes bust in one country, it scares bankers and regulators far away. They learn quickly and take preventive measures quickly. If supply chain is disrupted somewhere, industries everywhere react quickly.
Fearing geopolitical disturbances, companies diversifying their supply chains. Fortunately, India is one of the least disturbed countries and the economy is in great shape. That is attracting many companies to look at India for diversifying their supply chains. Further, thousands of companies have set up global capacity centers in India to take advantage of the talent base.
2024 was of course marked by furious wars and threats of new wars. That threat may subside somewhat, but it won’t go away.
So, what can we expect in 2025? Most of you will agree that the only certainty is uncertainty. The reason is that every force is now becoming more powerful – economic, social, political, financial, technological. If powerful forces are aligned, they do wonders. But when they collide, s**t happens.
Since every force is increasingly having a global impact, we citizens of the world now have to be global in our thinking. Local is a vanishing concept and 2024 made us one big global village/market/economy.
We at Banking Frontiers too are changing our perspective and increasingly becoming global. Our 2024 editions featured bankers from Nepal, Bangladesh, Sri Lanka, Middle East, Europe and Africa. In 2025, we resolve to bring you coverage of more countries and of more types of financial organizations.
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