January 17, 2023: The International Monetary Fund stated that fragmentation could cost the economy to increase to 7% of GDP in new description.
On Sunday, the longer-term cost of trade fragmentation varies from 0.2% of global output to nearly 7%, roughly the combined annual work of Germany and Japan, according to the report published, which outlines a “Gordian knot of ideas” that policymakers express today.
The research needs to state how extended the fragmentation could take to impact the growth of this magnitude.
That depends on the definition of “fragmentation,” some forecasts by the IMF are even bleaker. Estimates that include a technological disconnect amid regions suggest that countries could lose up to 12% of their GDP.
The IMF lists several factors contributing to increasing global fragmentation, which include Russia’s invasion of Ukraine and the Covid-19 pandemic.
Both situations have caused international disruption to be financial, food and energy supplies, with additional trading districts adding to the regions’ discord.
“The risk is that policy interventions assumed in the name of economic or national security have unintended influences, or they could be used deliberately for economic gaining at the expense of others,” the report stated.
It lists restrictions on cross-border migrations, reduced capital flows and a refusal of international cooperation as different types of fragmentation.
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AspenTech, a Massachusetts-based company, plays a pivotal role in the oil and gas industry by leveraging cutting-edge technologies, including AI (artificial intelligence). Let’s delve into how AspenTech contributes to this dynamic sector
It’s no secret that oil and gas is a boom-and-bust industry. Production is currently up, projected to increase to 13.7 million barrels daily in 2024. But this won’t last forever. Whether production is up or down, the key to maximizing production, optimizing efficiency, and taking advantage of increased profits is innovation, digital transformation,and automation.For stakeholders looking to deliver safer, more efficient, and cheaper energy, innovation and automation must be a top priority. Those who fall behind in the race to innovate, ultimately, run the risk of losing market share.
Talking to Thomas Hundertmark, a senior partner in McKinsey’s Houston office, Darren Woods is chairman and CEO of ExxonMobil made some crucial points and also gave some insights on what the conglomerate was doing in order to save the climate.
When Darren Woods took the reigns of ExxonMobil six years ago, no one could have anticipated that the Kansas resident would soon face what Texas oil patch vets call “a whole pile of trouble.” Three years later, the oil market collapsed during the COVID-19 pandemic, which dealt the 140-year-old oil organization its first annual upset in four decades.
Today oil and gas producers face severe regulatory and public relations obstacles due to the concern with greenhouse gases and resource depletion. Calgary-based start-up, Advanced Upstream (“AU”), has been disrupting the oil and gas industry with simple and reliable innovative technologies. AU’s products help the oil and gas producers to enhance energy production while reducing the corresponding environmental impact. By decreasing personnel and time on site, and lowering overall HSE risks across the board, the clients can see a notable improvement in their ESG rating, contributing to their bottom line.
Jasmin Staiblin, Chief Executive Officer of ABB Switzerland, says, “Global energy consumption continues to grow and, if left unabated, will lead to an ever-greater risk of irreversibly changing our climate. To take advantage of more sustainable energy sources, the energy landscape is in a state of profound change to allow the integration of increasing amounts of renewable energy sources into the grid, to allow infrastructure to run more intelligently and efficiently, and to ensure the supply of energy is available at all times.
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