The Organization for Economic Co-operation and Development (OECD) recently said that global growth should continue over the next two years. However, they revised the forecasts for richer countries such as Germany, France, and Italy. While sending mixed signals, many forecasters still agree that the US will experience weaker economic growth over the next twelve to eighteen months, if not, a complete recession. The OECD predicts, global GDP growth top dip from 3.7% this to 3.5% in 2019 and 2020. This slowing growth may be a natural aspect of any economic cycle; however, the trading tensions between the US and China have made matter even worse. The OECD also warns the Brexit has added to the uncertainties in Europe.
The OECD is urging policymakers to restore confidence in intentional dialogue and institutions and have made multiple calls for the completion of the European Monetary Union. Along with the focus on building better bridges between countries, they included a special focus on how workers themselves can gain economic growth. According to OECD chief economist, Laurence Boon, “shoring up the global economy also involves responding to people’s concerns about the lack of improvements in wages, living standards, and opportunities. Promoting competition to improve business dynamics can help by increasing workers’ bargaining position.”
Additional solutions include better education of workers as well as promoting their career development through the movement among different companies. For example, Silicon Valley giants colluded to keeping their workers’ wages low until a federal judge ordered them to compensate them accordingly. However, they are now seeking other means of coercing their workers into docility.
Emerging markets like Indonesia, China, and India are growing at steady rates of 5, 6, and 7 percent respectively. In order for rich countries to prevent dragging down the global average, they will have to reduce the power of corporate monopolies, lower the barriers to entry, and return economic gains to the workers and consumers.
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David S. Chang is an entrepreneur, wealth manager, keynote speaker, consultant and Chairman/CEO of Chang Holding Company. David is also the editor of The Art of Thinking Smart, a blog and finance column in The Star-Advertiser’s weekly Midweek with a readership of over 400,000 people. He is also proud to serve as an Intelligence Officer in the Hawaii Army National Guard.
A longtime expert in finance, David uses his executive roles in various companies under Chang Holding Company in order to help people achieve their personal financial and business goals throughout all phases of their lives:
A wealth management firm (which has become ranked as one of the top in the nation and featured in Forbes)
WealthBridge Private Equity
A private equity and venture capital fund
Care for Life
A private-duty home and senior care company
Other companies under Chang Holding include GreenTech Pacific LLC and Pacific West Import/Export Hawaii.
David S. Chang is the founder of The Art of Thinking SMART, The Art of SMART Money, and The Art of SMART Stocks. He created the Simple 4-Step System to Wealth and Financial Freedom. Supported by over a decade of research and driven by David’s desire to help others excel in all areas of their lives, this step-by-step online training program enables people to take control of their wealth immediately.
Everyone should have a financial plan, regardless of age, income or net worth.
David has always loved to learn and seek out opportunities to achieve the American Dream– so it comes as no surprise that he has taken numerous continuing education courses in finance, investments, and insurance. He also completed the Chartered Financial Consultant® (ChFC®) program at The American College.
In 2015 David was chosen as a member of InvestmentNews’ 2015 40 Under 40 list of top young advisers and associated professionals in the financial planning industry. He has been featured in Forbes as one of America’s Select Financial Leaders. In 2013, David S. Chang was selected as 40 Under 40 Military by CivilianJobs.com, 2011 Pacific Edge Young Professional of the Year, 2010 Business Leader of the Year from the Pacific Business News Forty Under 40 and 2011 finalist for The Business Leadership American Savings Bank Business Leader of the Year.
In addition, WealthBridge Inc. was selected as a FIVE-STAR Wealth Manager for the State of Hawaii in 2014 through 2011, representing the top 2% of Wealth Managers statewide. In 2014 through 2012 WealthBridge Inc. was also selected by The National Association of Board Certified Advisory Practices (NABCAP) as a Premier Adviser.