OECD

• The ramifications of the Ukrainian war echoed beyond the country’s border.
• Such trends of global power tensions, open war, democratic decline and extreme job market fluctuations are likely to continue in 2024.

Power shifts

• As the Brics (Brazil, Russia, India, China, South Africa) organisation expands to include Egypt, Ethiopia, Iran, Saudi Arabia and the UAE, its growing economic influence could dramatically change the global balance of power.
• For countries that have been sanctioned by the west, such as Iran, becoming a Brics member increases their diplomatic options.
• The Brics’ expansion can also enable members to strengthen their impact by pursuing their political and economic interests more easily.

Global election cycle

• At the core is the US election where former president Donald Trump is likely to be the Republican candidate.
• If re-elected, he may continue with his policy of “global engagement abstention” as evidenced by his past willingness to disengage from Nato.
• Such a stance may weaken the global economic and political system and contribute to the rise of other countries searching for greater global clout.

Heightened tensions in the Middle East

• The Israel/Hamas war will continue to have repercussions beyond the Middle East.
• The risk of further escalation of the conflict regionally has intensified after Israel’s air strike in Beirut.
• The Israel/Gaza war is also likely to discourage investment in the Middle East and disrupt trade routes leading to increasing shipping costs.

China’s economic pressures

• Recently, China’s economy has been described as a “ticking time bomb” as a result of slow economic growth, high youth unemployment, the property sector crisis, lower Foreign Direct Investment (FDI) and weaker exports.
• Growth prospects are expected to remain “structurally weaker” with low consumer confidence and spending and declining external demand.

Ageing populations

• In 2022, Japan, Italy, Finland and Germany were among the countries with the greatest share of populations over 65 years of age and by 2050 it is projected that the list will include Hong Kong, South Korea and Taiwan.
• By 2050 the percentage of the world’s over 60 population will increase from 12% to 22%.
• In addition, there is evidence that the ageing of the population affects labour productivity and labour supply.

Jose Caballero does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

• The conference was co-hosted by Unitlife, a new division of the United Nations Capital Development Fund (UNCDF), and Worldview Global Impact (WGI), a New York City-based non-profit that supports projects that promote sustainability and the UN Sustainable Development Goals (SDGs).
• The opening welcome was given by WGI Co-Founders and Co-Chairs Jasmine Wang and Robin Lewis, who also serve on the Advisory Board of Unitlife.
• The conference wrap-up session offered ambitious agenda-setting for a global food security master plan.
• Working consistently on this conference for over a year now, Guo sought to redefine the concept of "development" by bridging innovative agricultural technologies and the private sector with the model of traditional international development.

• NEW YORK — November 22, 2023 — Wolters Kluwer’s recently launched CCH Tagetik Global Minimum Tax solution was today named New Product of the Year in the Business Intelligence Group’s annual BIG Awards for Business .
• Wolters Kluwer launched its new CCH® Tagetik Global Minimum Tax solution in April of 2023, to help multinational companies prepare for 2024 Organisation for Economic Co-operation and Development (OECD) Pillar Two reporting requirements.
• Ralf Gärtner , Senior Vice President and General Manager of Corporate Performance Solutions, Wolters Kluwer, said: “We’re proud that our new CCH Tagetik Global Minimum Tax solution has been named New Product of the Year from the BIG Awards for Business.
• The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world.

• Today the Government of Bermuda announced that the House of Assembly will debate the Corporate Income Tax (CIT) Act 2023 affecting Bermuda businesses that are part of Multinational Enterprise Groups (MNEs) with annual revenues of €750M or more.
• The legislation is the result of multiple public consultations and direct engagement with key industry participants by the Government and its international tax advisers.
• “Bermuda continues to be recognized for its commitment to global compliance and transparency, and is considered by the EU to be a fully cooperative tax jurisdiction.
• The Government continues to engage with all stakeholders in refining the new tax regime.