It is a prevalent belief that green tech revolutions control the highest policies of the world economy. From large economies like the US and China to tiny ones like Singapore and the Netherlands, the country’s economic strategy frequently focuses on gaining a technological edge. Additionally, China, the EU, and the US are putting more of emphasis on boosting strategic autonomy in important technology industries. Technology transfers and investments across the rival blocs are subject to economic penalties and limitations; these measures will become more stringent through 2023, attracting a wider range of nations. There will be decisions to be made.
The year 2022 saw significant changes in markets, economics, and geopolitics. Even more of the same and additional changes could occur in 2023. Countries from all over the world are competing for the top spot in the strategic contest that lies ahead in the fields of energy and technology.
We anticipate a considerable increase in the amount of government funding going into important technological fields in the US, China, Europe, and other places until 2023. For infrastructure investments and technology in the US, significant sums have been enacted (and more have been suggested). AI, big data, quantum, 5G, semiconductors, and other fields are prioritized.
Countries across the world are struggling to gain strategic independence.
China has been taking actions of this nature for a while now. And Europe is putting more and more emphasis on strategic autonomy, which has consequences for significant investment in innovation, from chips to building out competitive leadership positions globally in the green economy.
The desire for strategic autonomy has costs for the segmentation of the world economy. However, just like in other areas, the rivalry between nations can be advantageous because it strengthens incentives to invest and creativity. Geopolitical competition, of course, fostered more invention during the Cold War; President Kennedy’s determination to put a man on the moon was primarily inspired by the conflict with the Soviet Union.
In the year 2023, we expect a cold war between the USA and China over semiconductors. But we do not oppose this as this would only aid the development of chips. So, the green technology cold war only causes economic development, and the growth of important devices causes the welfare of humanity in the long run.
Given the amount of government funding that is available, as well as other legislative and regulatory assistance, invest in sectors that are strategic priorities. Go big on the nations driving the technologies and energy revolutions. Well, over the past few decades, the United States has benefited from dominant positions in both (in a unique manner).
Corporate-government nexus will grow stronger, and businesses that can integrate themselves into the strategic innovation environment will prosper.
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