By Abbati Bako
abbatibako@gmail.com
In today’s world, the most pressing issue for leaders across almost every country (be it in advanced or emerging nations and two times in two months attempted assisnation of former US President Trump is an excellent example of security challenges) the economy, stagflation, and security challenges.
These challenges manifest as super inflation, unemployment, low industrial production, economic meltdown, and precarity.The question remains: are these problems primarily caused by global overpopulation, bad governance (especially in the global South), or the inability of global policymakers to remedy the situation?
As emphasized in this writing, the economy is the foundation of human life, and human beings are the driving force behind economic activities. In essence, the economy is everything in human life. Without a viable and stable economy, achieving stable security is an illusion.
Therefore, how can the global economic interplay be redesigned to ensure economic growth and development, particularly in the global Southern Hemisphere?
1. Case studies of successful economic transformations:
For example if Neoliberal economic system has failed to bring a rapidly growing economic desire that will solve the problem of economic growth and development especially in the global South then experts in global economic interplay should come up with the solution that will address the issue of the global economic precarity, meltdown and aridity. Meaning that the issue of Washington Consensus should be replaced. Hence, the Beijing Consensus of 2004 should have to be considered; China is an excellent example of that respect and perspective as they become the second largest economies in the world within the past forty years and they are still growing.
2. Expert’s insights from economists and policymakers:
A team of both political and market economies as well as policy makers has to be gathered from different Continents of the World to put heads together to find the positive solutions to the current global economic failure situation particularly in the global South.
3. Potential solutions, such as:
Inclusive economic policies on agrarian economic growth and development, education, workforce development and healthcare system.
4. Regional cooperation and trade:
There’s the need for regional cooperation on trade, services and other economic activities. For example in the West African Subregion. The European Union is an excellent example of political and economic cooperation.
5. Enhanced governance and institutional capacity not individual:
The role of global organizations and international cooperation in addressing these economic challenges can give a helping hand for Nigeria and other global South nations. The recent tour to China and the United Kingdom by the Nigerian President Bola Timubu may likely give an urgent solution to the current economic situation that led to stagflation, economic aridity and instability as well as security challenges in Nigeria.
6. The example of other nations’ achievement within two to three decades:
To be continued
Insha’Allah
abbatibako@gmail.com
September 15, 2024
+2349077889959
