2024 Economic Trends: Trump, Bitcoin, Inflation, and China
The year 2024 was a whirlwind for the global economy, with more than 2 billion people heading to the polls and economic concerns taking the spotlight. Despite a rocky recovery from the COVID-19 pandemic, countries around the world grappled with rising living costs and other pressing issues.
One major trend that emerged was Donald Trump’s return to the White House and his renewed focus on protectionism. Trump’s proposed tariffs on Chinese goods and other imports raised concerns about increased costs for everyday items in the US and disruptions to global supply chains. Additionally, his threats of tariffs on friendly nations like Canada and Mexico added uncertainty to free trade agreements.
Another key theme of 2024 was the push to regulate Big Tech. Governments worldwide enacted new rules and regulations to govern the operations of social media platforms and ensure user data protection. The European Union’s Digital Services Act and Digital Markets Act introduced stricter guidelines for online platforms, while the groundbreaking AI Act set limitations on the use of artificial intelligence.
In a showdown between Brazil and tech mogul Elon Musk, Brazil temporarily suspended Musk’s social media platform X for spreading misinformation. Australia also made waves by banning social media for children under 16, sparking debates about freedom of speech and online safety.
Looking ahead to 2025, global efforts to regulate AI remain a work in progress, with a patchwork of rules and regulations in place. The UK’s Online Safety Act, set to roll out in phases, has raised concerns about encryption and its impact on privacy.
As social media platforms continue to evolve, Trump’s victory in the presidential election could have implications for TikTok as it faces a potential US ban. The platform’s fate hangs in the balance as ByteDance resists selling it, setting the stage for a lengthy legal battle.
Overall, the economic trends of 2024 highlighted the ongoing complexities of a globalized world, with economic, technological, and political factors shaping the way forward. As we look towards the future, the need for balance between innovation and regulation remains at the forefront of global economic discussions.
