According to the article, for the first time in almost three years, the World Bank was decisive in its estimate and forecast on the growth of the world’s economy. The article states that the reason behind this positive estimate is the revamp of some of the world’s largest economies such as the United States. The expansion is projected to change from 2.4% to 3.2%. However, the World Bank is not confident in its forecast for the emerging economies and has estimated that such economies will fall from 5.6% to 5.3%. The reason for this is the prolonged growth of these economies in the last few years (Brewster, Chung, & Sparrow, 2016). Overall, it is thought that the slow growth of the emerging economies is because many of these economies want a sustained pattern to the growth of their economies. A good example given in the article is China which wants to change its economy to private consumer consumption from a fixed investments economy. These shifts are likely to benefit world trade.
At the same time, the article postulates that these changes in the economy are likely to lead to shifts in HR trends. Many HR professionals are showing little worry about the competition that the domestic workforce is facing from the international workforce. The article estimates that there could finally be a balance between domestic and global investments. The report also says that the educational institutions in developing countries may not have the quality to produce efficient and high-quality workforces. In conclusion, the article gives a good analysis of the global economy as of 2014.
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References
Brewster, C., Chung, C., & Sparrow, P. (2016). Globalising human resource management . Routledge.
