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NewsDay

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Do International Organizations Have The Answer To Economic Problems?

Business
Economic hurdles have continued to become worse as this year proceeds. Economies strapped with cash and less confidence within financial markets have slowed down things immensely. You might be blaming the local governments but this economic recession has existed worldwide. The questions are now being asked to International Organizations, their role, and effectiveness in dealing […]

Economic hurdles have continued to become worse as this year proceeds. Economies strapped with cash and less confidence within financial markets have slowed down things immensely. You might be blaming the local governments but this economic recession has existed worldwide. The questions are now being asked to International Organizations, their role, and effectiveness in dealing with global issues.

There has been a mix and match of what has caused this economic recession that has caused destruction greater than all previous economic downturns. Millions of people have lost their jobs, industries getting disrupted due to limited movement of people and goods, and businesses are facing an existential crisis due to a drastic decrease in buying power.

Well, the WHO (World Health Organization) had predicted the situation to get worse when the virus was spreading initially. It was unable to set up a uniform reaction across the world and different governments reacted differently to WHO warnings. Economic experts also continued to predict that public health disasters would lead to a severe economic crisis.

Nevertheless, it was quite vehemently observed that the governments didn’t place their resources until the situation was out of their hands. Along with the inability to control a global pandemic, famous financial organizations also failed to come to the rescue to address the emerging crisis.

What lies ahead?

The global community is looking for serious answers to their existing problems. All their concepts related to the backing of their job and business environments remaining friendly all the time have been shattered. The alternatives may seem very less at the moment due to limited finances but they do exist.

 

People want more control and better awareness levels to lead the situation in a more secure way. This has been experienced in a digitized world where technologies are transforming how people approach modern-day problems. Along with the evolution of Freelancing and the Gig Economy, Online Trading has been on the rise too.

 

Trading platforms like Bitcoinprime.org allows people to exercise better control over their digital assets. It all started when bitcoin first emerged in 2009 and technologies like Blockchain powered by Artificial Intelligence and Machine Learning are changing the dynamics of the global economy and business operations.

 

The future of Blockchain technology, the reason behind the success of virtual economy, was on the agenda of the World Economic Forum 2020. It is being greatly discussed within economic think tanks how to integrate the virtual economy with the traditional one. People are getting more actively engaged within this domain as technology provides more leverage and a better sense of control over their financial affairs.

 

Most of the governments are now looking to make this model of economy and considering smart contracts to be eligible for any sort of claims within the courts. Globalization has been successful only due to the fact that technology has allowed significant instant communication platforms and even acted as a moderator for sensitive financial transactions.

 

The situation is still evolving on how financial authorities would react to this scenario. But the debate between capitalism and communism is on the table once again. International organizations have quite some work to do to prove their relevance once again. Let’s hope that they come with solutions that ensure growth and sustainability for the global community.