McKinsey Global Institute has identified the next big arenas of competition that will drive economic growth in the new era. There are 18 arenas, unique categories of industries distinguished by high growth and dynamism, could reshape the global economy, generating $29 trillion to $48 trillion in revenues by 2040. These arenas, which include AI software and services, cybersecurity, air mobility, obesity drugs, and industrial and consumer biotechnology, could increase as a share of global GDP from 4 percent today to 10 to 16 percent by 2040. Companies in these arenas exhibit three characteristics that escalate competition: cutting-edge technologies, large investments, and large, growing markets. In combination, these characteristics lead to market share gains and a product quality edge that further set these arenas apart.
The above areas provide us a landscape for Malaysia to chart its focus. They also suggest where skill sets need to be developed. That means Education Ministry must revise and upgrade teachers, curriculum and facilities. The “old song” of race and language will not be relevant whether we like it or not.
Reference:
McKinsey Global Institute: 2024 in Charts, 12 December 2024
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