By Baptista S. GEBU
The world woke up to the news of the United States Agency for International Development (USAID)’s saga. The USAID-Trump shutdown saga is a complex issue.
According to media reports on the story, the shutdown creates uncertainty and insecurity for USAID employees, contractors, and the communities they serve, potentially disrupting critical development programs and humanitarian aid.
USAID was set up in the early 1960s to administer humanitarian aid programmes on behalf of the US government. According to the Congressional Research Service, it employs around 10,000 people, two-thirds of whom work overseas. USAID has bases in more than 60 countries and works in dozens of others. However, most of the work on the ground is carried out by other organizations that are contracted and funded by USAID. One can imagine the range of activities it undertakes is vast.
Not only does USAID provide food in countries where people are starving, but media reports have it that it also operates the world’s gold-standard famine detection system, which uses data analysis to try to predict where food shortages are emerging. What happens to this data analysis? Your guess is as good as mine.
After the 90-day overseas spending freeze was announced. US President Donald Trump has made it clear he wants overseas spending to be closely aligned with his “America First” approach, and the international development sector is braced for more shockwaves. USAID’s website has gone offline, and its employees were told to stay at home.
This is just one single case in point. The changing nature of work, including the change in the world’s economies, should be a subject matter of concern to all. It will concern you some way, somehow. So I ask you – how are you preparing for the change?
Elections can have far-reaching consequences, particularly regarding the future of the world economies. The outcome of elections can significantly impact global economic trends, trade policies, and investment decisions. For instance, the 2024 US presidential election is expected to substantially influence the global economy, with potential changes in trade policies, fiscal spending, and monetary policy.
In addition to the US election, over 50 countries were scheduled to hold elections in 2024 including Ghana and several others, which could also lead to significant shifts in global economic power dynamics. These elections may result in changes to trade agreements, investment policies, and regulatory frameworks, ultimately affecting the global economy.
The consequences of elections on the world economies can be seen in several areas reasons “elections have consequences”. Yes, elections can lead to changes in trade agreements, tariffs, and other trade-related policies, which can impact global supply chains and economic growth.
The outcome of elections can influence investment decisions, as investors may become more cautious or optimistic about a country’s economic prospects. Elections can lead to changes in monetary policy, which can impact global economic growth and stability. It can also result in changes to regulatory frameworks, including policies related to taxation, labor laws, and environmental regulations.
The future of the world economy is uncertain and will be shaped by various factors. Technological advancements, environmental concerns, geopolitical shifts, and demographic changes cannot be ruled out. According to research, the world will become even more interconnected, with increased trade, investment, and cultural exchange.
Emerging markets, particularly in Asia and Africa, will continue to grow and become increasingly important in the global economy. Technological advancements will transform industries and economies. The focus on sustainable development, renewable energy, and reducing carbon emissions will continue to grow. The global economic landscape will continue to evolve, with emerging markets challenging the dominance of traditional economic powers.
To prepare, research suggests we diversify our investments across different asset classes, sectors, and geographies to minimize risk. Develop new skills to stay relevant in the changing job market. Focus on sustainable development by investing in environmentally friendly technologies to reduce our carbon footprint and contribute to a more sustainable future. Stay informed and adaptable to changing circumstances will help us build resilience in our personal and professional lives.
Developing emergency funds, diversifying income streams, and building strong relationships are other ways to prepare for the change. We can also leverage on technology as well as foster global connections. Supporting entrepreneurship, innovation, and small businesses, are critical drivers of economic growth and job creation. When we prioritize education and training, stay relevant in the changing job market, and encourage sustainable consumption patterns to reduce waste – we will be getting future-proof today ahead of tomorrow.
The ongoing Trump-USAID shutdown saga offers several lessons for world economies. The lesson on uncertainty and volatility cannot be overemphasized. The shutdown highlights the importance of being prepared for unexpected events and changes in government policies. World economies can learn from this experience by diversifying their aid sources and developing contingency plans to mitigate the impact of such disruptions.
This saga underscores the need for multilateral approaches to international development. World economies can learn from this experience by strengthening multilateral institutions and agreements, which can help reduce dependence on individual country’s aid programs. We need to start somehow, someway from somewhere and the time should be now.
This shutdown has disrupted various USAID programs, including those focused on sustainable development. The Trump-USAID shutdown narrative has raised concerns about the transparency and accountability of aid programs. Prioritizing transparency and accountability in aid programs will ensure that funds are used effectively and efficiently.
The shutdown has highlighted the risks of relying heavily on a single aid source. World economies can learn from this experience by diversifying their aid sources and exploring alternative funding mechanisms, such as public-private partnerships and social impact investing.
Which industry do you find yourself and how are you preparing for the changing nature of work, including the workforce and work itself?
Baptista is a multifaceted hybrid professional known for her work on the future of work. She is the CEO of FoReal HR Services. Building a team of efficient & effective workforce is her business. Affecting lives is her calling! She is an HR Generalist, International Development Expert, Public Speaker, Researcher, and Lifestyle Interventionist. You can reach her @Sarahtistagh across all platforms.
