As 2023 draws to a close, the global landscape remains marked by both innovation and conflict. Technological advancements, particularly in artificial intelligence (AI), brought forth tools enriching our daily lives. However, the year was also punctuated by geopolitical tensions – the Hamas-Israel and Russia-Ukraine conflicts, the Nagorno-Karabakh dispute, and the intensifying Washington-Beijing rivalry. Economic and political arenas saw their share of shifts, with the BRICS’ expansion, Western counter-initiatives to China’s influence, Middle Eastern political realignments, and Washington’s foreign policy maneuvers, alongside rising coups in Africa. Despite lingering economic anxieties from the pandemic, a sense of cautious optimism prevails as the world welcomes 2024.
In 2024, there will be numerous geopolitical and geo-economic events. The involvement of the Global South in the global political and economic arena will increase. BRICS is already extending invitations to new member nations, with more countries expressing interest in joining the coalition. This coalition is contemplating the adoption of currencies other than the dollar, posing a risk to the dollar’s position and value. BRI will also host major events to pursue global dominance. Consequently, the rivalry between the US and China will enter a new phase. China is intensifying its involvement in the Middle East and African nations, while the US-led G7 nations plan counter initiatives to challenge Chinese global dominance. India is positioning itself to become a major player in this global power dynamic. Russia’s participation in the current landscape signals a future characterized by a multipolar world.
The Hamas-Israel war demands serious attention as it poses the potential for regional crises if left unaddressed. Washington’s foreign policy stance during this conflict risks undermining its global dominance, contributing to a landscape of despair. The ongoing Russia-Ukraine conflict may lean toward a resolution favoring Russia due to the decrease in Western aid to Ukraine, with the Western nations allocating economic and military assistance to Israel. This shift is evident in the declining Western focus on Ukraine. Notably, more than 70 countries will conduct election polls in 2024, including the United States, Russia, India, and Pakistan. With over two billion people participating in these polls to elect their leaders, these forthcoming political events will significantly impact the global political landscape.
Environmental changes are garnering global attention, leading to concerted efforts worldwide to combat climate change and global warming. The recent COP28 summit, convened in the UAE, facilitated an agreement among global nations to curtail the use of fossil fuels. In 2024, further initiatives are expected to address these challenges, encompassing climate funding, impactful summits, and a growing global movement aimed at reducing fossil fuel consumption.
In the tech industry, 2024 will witness further advancements in technology. Artificial intelligence tools will evolve more significantly, potentially displacing thousands of jobs in the market. Additionally, IoT (Internet of Things) and ML (Machine Learning) will advance to a new level. These technological leaps will introduce new conveniences into our lives. Beyond Cryptocurrency and Blockchain, the Metaverse will garner global attention. Robotics will continue to replace several jobs. With the advent of advanced AI tools, robotics is experiencing increasing development.
Pakistan will also host election polls in 2024. Since 2017, the country has seen three different governments, including PTI’s government, Shahbaz Sharif’s administration, and the current Interim government led by Interim Prime Minister Anwar-Ul-Haq Kakar. The political landscape is far from ideal, with the opposition party incarcerated, creating an open stage for PMLN. The return of former Prime Minister Nawaz Sharif suggests his potential victory in the upcoming polls. However, there is debate about whether he will complete a full term if elected. Whoever assumes leadership after the elections, their foremost priority will be to pave the way for the country’s development, given the prevailing economic and political instabilities.
The SIFC (Special Investment Facilitation Council), a civil-military council established to attract foreign investment to Pakistan and bolster our exports, is diligently working to attract investments from Gulf countries and facilitate growth in our IT sector. The upcoming year is expected to witness increased facilitation and investment initiatives from the SIFC. Efforts on CPEC will also be intensified to enhance our infrastructure and economy. With investments from Gulf countries and advancements in the IT sector, there’s optimism that our shrinking economy will generate sufficient revenue to mitigate future economic default risks.
The recent wave of terrorism in Pakistan poses significant security and economic threats. Pakistani officials must take these threats seriously. This involves strengthening ties with neighboring countries to curb cross-border terrorism. It’s crucial to halt the increasing influence and activities of militant organizations to safeguard the lives of civilians and armed forces.
