The 1920s also began dismally. But for a fourth industrial revolution to happen, much more has to be done
Photograph: Hulton Archive/Getty ImagesPhotograph: Hulton Archive/Getty ImagesOptimism abounded as 2019 drew to a close. If the 2010s had been a lost decade of weak growth and stagnating living standards then the years to come were going to be much better.
In China, where Covid-19 had its origins, the authorities have used draconian lockdowns in an attempt to eliminate the virus. As a result, the economy has pretty muchNews from the other two big engines of the global economy is no better. The annualin the US is at a 40-year-high of 9.1%, prompting concern on Wall Street that the country’s central bank will adopt a more aggressive approach to interest rates.
So, from the perspective of mid-2022 the idea of a new Roaring Twenties seems somewhat far-fetched, with the boosterism of 2019 exposed for what it was: wishful thinking. The idea was that things could only get better, when in fact they have got a lot worse. This seems to be the era of permanent, rolling crises – with the pandemic followed by inflation and war. Next up, unless our luck changes, is recession.
For some time, there has been talk of a fourth industrial revolution based on breakthroughs in genomics, artificial intelligence, robotics, 3D printing, and green energy but the wait goes on for the boost these developments are supposed to give to a struggling global economy.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why the world looks kindly on Albanese – and why that’s a gift and a burdenForeign leaders have high expectations of the new Australian government. Living up to them will not always be easy.
Read more »
Why the world looks kindly on Albanese – and why that’s a gift and a burdenFrom Asia to Europe and now the Pacific, Australia’s 31st prime minister has been greeted with public displays of affection that his more charismatic Labor predecessors would have killed for. | OPINION by GMegalogenis
Read more »
Why a desperate China has backflipped on Australian coalWith China's economy in danger of going off the rails, Beijing no longer can afford to inflict upon itself the kind of self-harm its trade sanctions have wreaked, writes Ian Verrender.
Read more »
‘I’m lovingly angry’: Marianne Levy on why mothers are expected to suffer in silenceA new memoir brings humour to the everyday pain of pregnancy and motherhood. By Emma Beddington
Read more »
‘I’m lovingly angry’: Marianne Levy on why mothers are expected to suffer in silenceA new memoir brings humour to the everyday pain of pregnancy and motherhood. By Emma Beddington
Read more »
Broken and distrusting: why Americans are pulling away from the daily newsA Reuters Institute survey found that a rising number of people are avoiding the news or just don’t believe it
Read more »