Futures Thinking 2024 Economy and Society

Considering the future

Futures thinking serves as a visionary lens rather than a roadmap. It doesn't dictate the future but fuels imaginative exploration and conceptualization of potential scenarios. It's like a canvas where creativity meets strategy, allowing us to envisage diverse futures, stimulating innovative ideas, and fostering preparedness for what might unfold.

Economy and Society

Economy

• Energy Costs & Lack of Restructuring: The economy’s drag will persist due to soaring energy expenses and the failure to pivot towards renewables. Investment to increase productivity will be limited due to risk and lack of clarity from governments.
• Business Embrace of Renewables: Companies will shift investments towards renewable sources, seeking a competitive edge and sustainability in the market.
• Inflation’s Impact on Living Standards: Though inflation might ease, living standards will likely further decline due to mounting debt costs.
• Government Support in Housing Markets: Expect continued government support aimed at stabilizing housing markets.
• Capitalism’s Evolution: “Extinction economics” and “end-stage capitalism” will increasingly shadow the capitalist system, fueling discussions about Universal Basic Income (UBI).
• Automation’s Initial Impact: The onset of automation-driven job redundancies will likely begin, yet could be overlooked in broader economic discussions.

Society

• Elections in the AI Era: AI-generated misinformation and deep fakes will become widespread during elections, posing significant challenges.
• Education’s Role in Voting: Citizen education levels will emerge as a crucial determinant of voting preferences and political decisions.
• Clash of Ideologies: Democracies will witness a clash between liberalism and authoritarianism, along with the ongoing debate between globalism and nationalism.
• Rising Interest in UBI and Universal Services: Expect a surge in interest regarding Universal Basic Income (UBI) and universal services. The UK’s stance on energy and water policies is likely to feature prominently in electoral campaigns as critical talking points.
• Conflicting Ideological Views on Economic Migrants: The perception of economic migrants will spark ideological conflicts, with debates intensifying between those advocating for inclusive policies supporting migrant integration and others promoting stricter immigration controls, highlighting the tension between humanitarian values and national interests.

Futures

• Recession Threat Looms: Despite efforts, economic indicators hint at an impending recession, largely driven by escalating debt burdens and global market instabilities.
• Tech-Driven Economic Pivot: Technological advancements will fuel a shift towards tech-centric industries, reshaping traditional economic landscapes and altering job markets.
• Polarization Intensifies: Societal polarization will deepen, driven by widening economic disparities, ideological clashes, and diverging opinions on critical issues like climate change and immigration.
• Redefining Work Culture: The adoption of remote work practices and flexible arrangements will redefine the traditional work culture, leading to debates around labor rights, work-life balance, and the future of office spaces.

• Futures Thinking 2024

TPEX offers future imagining and tenth person consultancy for decision makers looking to consider the future, before opportunities are missed. We offer online and in-person consultancy to help your business make informed decisions about the future.

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