Escaping the ‘middle-income trap’: World Bank
A recent World Bank study shows that more than 100 countries, including China, India, Brazil and South Africa, face major challenges in achieving high-income status in the coming decades. The World Development Report 2024: The Middle-Income Trap provides the first comprehensive roadmap to help these countries overcome the "middle-income trap." See also: World Bank Group releases data to boost investment in emerging markets The report shows that over the past 50 years, countries’ GDP per capita has generally remained around 10% of that of the United States, or about $8,000 today. This figure falls into the “middle-income” range defined by the World Bank. Since 1990, only 34 middle-income economies have transitioned to high-income countries, many of which benefited from EU integration or newly discovered oil reserves. By the end of 2023, 108 countries will be classified as middle-income countries, with a GDP per capita between $1,136 and $13,845. These countries account for 75% of the world’s population, two-thirds of the…
How geopolitical forces are reshaping global supply chains
In recent years, geopolitical events have exposed the fragility of global supply chains. The pandemic, the Russia-Ukraine war, and the Israeli-Gaza conflict have all clearly demonstrated the fragility of supply lines. These networks are primarily designed to reduce costs by taking advantage of low-cost labor and materials, but are easily disrupted by geopolitical events. To better understand the dynamics reshaping global trade, TradeBeyond’s new Retail Sourcing Report: Insights and Indicators for Q3/Q4 2024 provides strategic insights into how supply chains are adapting. For example, conflict in the Middle East has made the Red Sea route unviable, forcing container ships to take a longer, more expensive route around the Cape of South Africa. Combined with Asian port congestion that has limited container capacity, container shipping costs are being pushed up to pandemic levels. At the same time, Russia's conflict with Ukraine has led to a change in trade patterns, with Russia cutting back on its large energy exports to circumvent sanctions…
Reshoring and Offshoring: Financial and
The manufacturing industry has always been dynamic, subject to various economic, political, and technological changes. Two strategies that have had a significant impact on the manufacturing industry are reshoring and offshoring. Both approaches have their own financial and strategic implications, making the choice between them very complex. In this article, we will delve into the complexity of reshoring vs. offshoring, exploring their benefits, challenges, and factors that influence a company's decision to choose one over the other. Also read: Can reshoring of manufacturing usher in a new era of supply chain resilience? Understanding Offshoring Offshoring, the movement of manufacturing operations to countries with lower labor costs, became popular in the late 20th century as companies looked to reduce expenses and increase profit margins. China and other countriesIndia and Mexico have become major locations for offshoring due to their relatively low wages, skilled labor force and favorable trade policies. Financial benefits of offshoring The main financial advantage of offshoring is lower…
Reshoring and Offshoring: Financial and
The manufacturing industry has always been dynamic, subject to various economic, political, and technological changes. Two strategies that have had a significant impact on the manufacturing industry are reshoring and offshoring. Both approaches have their own financial and strategic implications, making the choice between them very complex. In this article, we will delve into the complexity of reshoring vs. offshoring, exploring their benefits, challenges, and factors that influence a company's decision to choose one over the other. Also read: Can reshoring of manufacturing usher in a new era of supply chain resilience? Understanding Offshoring Offshoring, the movement of manufacturing operations to countries with lower labor costs, became popular in the late 20th century as companies looked to reduce expenses and increase profit margins. China and other countriesIndia and Mexico have become major locations for offshoring due to their relatively low wages, skilled labor force and favorable trade policies. Financial benefits of offshoring The main financial advantage of offshoring is lower…
Driving sustainable development in the cement industry: Regulatory changes and
Cement is the foundation of modern infrastructure, a paradoxical pillar of our built environment, both literally and figuratively. While cement is an integral part of the construction of skyscrapers, bridges and roads, the global cement industry has a profound impact on the environment. Producing cement is an energy-intensive process that generates significant CO2 emissions, accounting for 8% of global CO2 emissions. This figure exceeds the carbon footprint of industries that are often considered more polluting, such as aerospace, highlighting the cement industry’s significant contribution to climate change. Also read: Sedex to launch three innovative tools in 2024 to help make supply chains more sustainable In response to growing social and regulatory concerns, governments and industry stakeholders are implementing a range of incentives and regulations to improve efficiency and reduce the environmental impact of cement production. Welding Alloys, a leading expert in cladding and hardfacing applications, is delving into the changing landscape to explore innovative solutions that can improve the cement…
Edge AI Market: Enabling Smarter, Faster Decision Making
introduce Edge AI refers to the technology that processes device-generated data where it is generated, rather than sending it to a centralized server or cloud. This approach improves the speed and efficiency of data processing, especially in real-time applications such as self-driving cars, smart cameras, and IoT devices. By using edge AI, devices can make decisions locally, reducing latency and improving response times. Also read: Artificial Intelligence – How it is shaping and redefining logistics The edge AI market is experiencing rapid growth, driven by the increasing number of smart devices and the need for faster processing speeds in applications such as healthcare, manufacturing, and retail. Enterprises are investing in edge AI to enable safer and more efficient operations because data does not need to be sent over the network to a central location. The market is expected to expand as enterprises continue to realize the benefits of instant data processing and reduced data transmission costs. Integrating AI at the…
Reducing carbon footprint: How logistics can support green
The construction industry, known for its significant impact on the environment, has embraced green building initiatives to create sustainable buildings and contribute to the fight against climate change. However, an often overlooked but crucial aspect is the logistics that support these initiatives. Efficient logistics can significantly reduce carbon emissions, ensuring that the green building movement achieves its environmental goals. This article explores how logistics can support green building initiatives and reduce carbon footprints. Learn about green building programs The Green Building Program strives to create environmentally responsible and resource-efficient buildings throughout their lifecycle. This covers everything from design, construction, operation, maintenance, renovation and eventual demolition. Core principles include: Sustainable Site Selection and Design: Choose sites that reduce environmental impact and construct buildings that optimize natural light and energy efficiency. energy efficiency: Incorporate renewable energy and energy-saving systems. Water efficiency: Utilize water-saving fixtures and systems to reduce consumption. material selection: Use sustainable, recycled and locally sourced materials. Indoor Environmental Quality: Ensure…
Reducing carbon footprint: How logistics can support green
The construction industry, known for its significant impact on the environment, has embraced green building initiatives to create sustainable buildings and contribute to the fight against climate change. However, an often overlooked but crucial aspect is the logistics that support these initiatives. Efficient logistics can significantly reduce carbon emissions, ensuring that the green building movement achieves its environmental goals. This article explores how logistics can support green building initiatives and reduce carbon footprints. Learn about green building programs The Green Building Program strives to create environmentally responsible and resource-efficient buildings throughout their lifecycle. This covers everything from design, construction, operation, maintenance, renovation and eventual demolition. Core principles include: Sustainable Site Selection and Design: Choose sites that reduce environmental impact and construct buildings that optimize natural light and energy efficiency. energy efficiency: Incorporate renewable energy and energy-saving systems. Water efficiency: Utilize water-saving fixtures and systems to reduce consumption. material selection: Use sustainable, recycled and locally sourced materials. Indoor Environmental Quality: Ensure…
Maersk predicts trade disruptions to last until 2024
Disruptions to global trade caused by the conflict in the Red Sea are expected to last until 2024, a key indicator of the health of global trade, according to A.P. Moller-Maersk A/S. The announcement came as Maersk raised its financial guidance for the third time in three months as higher freight rates boosted the company’s profits. Also read: Red Sea risks escalate, Maersk adjusts surcharges On August 1, Maersk raised its forecast for earnings before interest, taxes, depreciation and amortization this year to between $9 billion and $11 billion, from a previous range of $7 billion to $9 billion. Analysts had previously expected an average of $8.76 billion, according to estimates compiled by Bloomberg. The Danish shipping giant had previously raised its annual profit forecast in May and June, citing the larger-than-expected impact of the Red Sea congestion on global supply chains. Maersk now expects the disruption to last until at least the end of 2024. According to Bloomberg research,…
WTO chief Okonjo-Iweala warns of rising protectionism
World Trade Organization (WTO) President Ngozi Okonjo-Iweala warned on Tuesday that the state of global trade is worrying, highlighting rising protectionism amid geopolitical tensions and the climate crisis. Okonjo-Iweala highlighted the future of trade in services, digitalization and the green economy at the launch of the WTO's annual report. See also: WTO Secretary-General Okonjo-Iweala stresses important role of Aid for Trade in empowering developing economies “These are difficult times for global trade. Against the backdrop of geopolitical tensions and the climate crisis, we are seeing a rise in protectionism and unilateral policy measures,” she said. “After years of talk of decoupling, trade may be starting to fracture along geopolitical lines.” Despite these challenges, Okonjo-Iweala noted that digitalization could generate growth and jobs, and she also highlighted the role of trade in strengthening global food security and driving progress towards net-zero emissions. The WTO annual report reviews the organization's activities in 2023 and early 2024. The 13th Ministerial Conference held in…
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