2024 Faces Uncertainty With Global Polycrises

Source: The post 2024 Faces Uncertainty With Global Polycrises has been created, based on the article “Steering towards stability after a year of uncertainty” published in “Indian Express” on 6th January 2025

UPSC Syllabus Topic: GS Paper2- International Relations-Effect of policies and politics of developed and developing countries on India’s interests.

Context: The article highlights 2024 as a year of uncertainty, with challenges in geopolitics, the economy, energy, and technology. It emphasizes anti-incumbency, global conflicts, green energy transitions, and technological risks, urging global cooperation through multidisciplinary institutions to address these polycrises. 2024 Faces Uncertainty With Global Polycrises

Why is 2024 Called “The Year of Uncertainty”?

1. The year 2024 faced multiple crises, termed “polycrisis,” where distinct but interconnected challenges overwhelmed solutions.
2. The world struggled with geopolitical tensions, economic instability, energy transitions, and rapid technological changes. This created uncertainty about the future.

What are the challenges in geopolitics, the economy, energy, and technology?

1. Challenges in Geopolitics
2. Territorial Ambitions: Putin seeks to revive “Imperia Rus,” Xi Jinping pushes for global dominance, and Netanyahu envisions “Greater Israel.”
3. Power Struggles: Erdogan aspires for Ottoman-style influence, and Trump advocates “Make America Great Again.”
4. Global Conflict Risks: These ambitions could create unintended global conflicts or modern feudalism.
5. Challenges in the Economy
6. Slow Growth: Global growth rates declined, impacting stability.
7. Protectionism: Nations adopted policies limiting international trade.
8. Public Debt: Rising debt levels created financial instability.
9. Unpredictable Policies: Trump’s trade and tax pronouncements remain unclear, adding uncertainty to global markets.

For more detailed information on Federal Reserve faces uncertainty in monetary policy read this article here

3. Challenges in Energy
4. Structural Barriers: Transitioning to green energy requires decades and infrastructure redesign.
5. Funding Gaps: Trillions of dollars are needed, requiring cooperation between governments, private sectors, and institutions.
6. Political Resistance: Leaders hesitate due to the economic and social impacts of reducing fossil fuel reliance.
7. Challenges in Technology
8. AI Risks: Concerns exist over losing control of AI.
9. Ethical Issues: Debate continues over ethics in robotics and genetic engineering.
10. Accountability: Clear lines of responsibility for technology risks are missing.

How Should the World Respond?

1. Create Global Institutions: Establish multidisciplinary organizations to address interconnected crises like geopolitics, energy, and technology.
2. Encourage Unity: Follow Epictetus’ philosophy by choosing collective, innovative responses to polycrises.

Question for practice:

Discuss how the interconnected challenges of geopolitics, the economy, energy, and technology make 2024 a “Year of Uncertainty” and the role of global institutions in addressing these polycrises.