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The World Ahead 2023: five stories to watch out for
- India's population is projected to surpass China's on April 14, 2023, with a demographic bulge forecast to persist until approximately 2050, driving the most significant growth in the coming decade.
- While a larger working-age population offers theoretical productivity gains, practical obstacles including 90% of jobs being informal and limited social security benefits may hinder capitalization on this opportunity.
- Apple plans to manufacture the iPhone 14 in India during 2023, supported by the Indian government's intention to foster an economic environment conducive to domestic and foreign job creation.
- 2023 is anticipated as a pivotal year for psychedelic-assisted therapy, with potential regulatory approval for MDMA to treat post-traumatic stress disorder in the United States and phase three trials underway for psilocybin in treatment-resistant depression, alongside potential regulation of ketamine-assisted therapy in Britain.
- The Bank of Japan may further adjust monetary policy in 2023 by removing the 10-year bond yield cap or raising short-term interest rates, a move that could increase debt servicing concerns and potentially exacerbate a global recession due to interconnected financial markets.
- Major fashion brands including Tommy Hilfiger, Hugo Boss, and LVMH are scheduled to launch repair and resale services in 2023, contributing to a projection that circular business models could represent 23% of the global fashion industry by 2030, valued at $700 billion.
- There is a risk that fashion brands utilizing repair services may engage in greenwashing if they incentivize traditional linear business models rather than facilitating a mainstream transition to a circular economy.
- Charles III will be crowned King of the United Kingdom on May 6, 2023, wearing a coronation crown containing the Koh-i-Noor diamond, a decision that could generate significant diplomatic friction with India.
- On May 6, 2023, Glasgow Life Museums will return artefacts to India as part of a broader expected movement regarding the repatriation of objects from Egypt, Ethiopia, Ghana, the Pacific Islands, Easter Island, and Latin America.