Year 2017 has been a lot more happening than expected and has left past its predecessor in terms of drama and sensations created throughout. Many ups and downs from different paradigms such as politics and virtuality made sure that 2017 gets a place in historian’s notebooks. It has been a roller coaster ride for the world economy. Today we will be covering some of the noteworthy milestones and happenings that created an impression on the year 2017.
- Blockchain technology
Blockchain technology was finally able to penetrate into the mainstream market in 2017, leaving behind its previous identity of just a technology behind bitcoins and other cryptocurrencies. Fascinated by its beauty, many companies have started to explore it and are consciously trying to find a way to practically implement it. Many countries have even started to plan out their own cryptocurrencies to put on the blockchain to hold the information in a transparent and accountable way. The year 2017 also saw some countries like Japan and South Korea passing legislatures to establish a regulatory environment for blockchain technology as well.
- Political turmoil in Kenya and Zimbabwe
The year 2017 saw some of the major political dramas and conflicts, especially in the African region. Manufacturing and Industrialization are two of the key pillars of Kenyan Vision of 2030. However, the vision seemed to be a bit a blurry in 2017 after the political turmoil that erupted in the country. Businesses in Kenya have lost almost $7 billion in the past few days because of the violence and controversies created due to presidential elections.
The condition is no better in Zimbabwe either and the economy is still struggling to attain stability, almost a year after the general elections. The country is almost facing de-industrialization with the companies and local merchants wrapping up their businesses at an alarming pace. The same goes for the manufacturing industry as well with factories being depleted of the raw materials to continue production.
- GST implementation in India
Year 2017 was a roller coaster for India. With the country still coming up with the lack of cash in the market because of demonetization, government’s decision to implement the Goods and Services Tax (GST) bill in the month of July was highly criticized and slammed by various sections of the country. However, the step was appreciated and supported by many economists and financial houses considering its forthcoming benefits under the tag ‘one nation, one tax’.
- Trump as US President
The world was shaken when Donald Trump won the US presidential elections. Defying everyone’s expectations, Trump won the US Presidential elections to become the 45th President of United States. He also headlined the newspapers by a number of times, either because of his policies against Muslim nations or his attitude towards North Korea. His election was even more radicalized by the rumors of Russia hacking into US servers to turn votes in Trump’s favor. Overall, it might not be wrong to say that 2017 saw a drastic transition of power and position with the election of Donald Trump.
- Hurricanes affecting the globe
The year 2017 was terrorized by the implosions of hurricanes in different parts of the world. The world saw the strongest hurricane in the human history ‘Irma’ almost completely devastating the American continent and tourist islands like Puerto Rico and St. Martin. Other hurricanes like Maria and Katia also threatened the land and consistently hampered the business through sea routes. Also, the damages caused by these hurricanes paralyzed the national economy and forced the people to move to relocate themselves to safer places.
- Effects of Brexit on economy
2016 saw the United Kingdom leaving the European Union after the referendum was passed. The impacts of Brexit were clearly seen in the year 2017 and the year saw a major turnaround in the trade and manufacturing of the United Kingdom. It was highly favorable that a mutually beneficial trade agreement would be put in place to the advantage of both sides. However, Brexit also hampered its ‘MFN’ status with the exit. Also, the manufacturing industry saw a decline in the charts, diminishing UK’s presence in the global market, thus reducing the overall exports of the country.
With so many events happening throughout the year, the economy has seen major ups and downs. 2017 has been a memorable year in its own way. But one thing is for sure, may the year 2018 be worthier with better profits and higher returns.
Written & Compiled By Faber Kishlay & Faber Mayuri