“Megatrends in North-West Europe”
23 november, 2012
Views presented by professor Hubert Fromlet, Linnaeus University, at the North-West Conference on November 23, 2012 / Hamburg Chamber of Commerce
Summary
Megatrend is a big word. China’s entry in the global economy and the increasing demand for commodities are real megatrends. Thus, most megatrends in North-West Europe have be related to global megatrends.
However, important other trends will be (increasingly) recognized in North-West Europe in the forthcoming years. Having a particular watch on Sweden, certain important developments that concern the forthcoming five or ten years – or maybe in a somewhat longer perspective – can be singled out already today . They are, for example:
– increasing difficulties to achieve strong governments
– difficult times for EU (and the euro) to regain confidence in Sweden
– increasing importance for environmental issues
– further strengthening position of female leaders
– increasing individualism (with impact on certain industries and products/decreasing collectivism
– increasing pressure on the corporate sector to improve governance and ethical standards
– increasing need for financial skills (“financial literacy) on all levels
– increasing influence for China in many economic areas
– better government debt situation than in most other European countries, giving good (theoretical) financial resources for future investments
– increasing need of better/modernized infrastructure
– continuous need for meeting demand for homes caused by urbanization
– demography: need of more efficient and – per capita – cheaper health care
– higher average age of retirement (new consumption patterns)
– increasing need of improvements what concerns labor markets (youth), taxes, entrepreneurship, the chain: researchà innovation à production (universities and the creation of new companies included).
Conclusion:
The medium-term outlook for the Swedish society/economy points at many promising future commercial opportunities – but also at a substantial number of challenges.
Let me finally quote Nobel Prize Winner Paul Samuelson’s words when I met him in the latter part of the 1990s: “In the global economy, there is no room anymore for comfortable ineffectiveness”.
These wise words are still valid today – and also in the future.