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December is a month reserved for reminiscing about the events of the past year and 2023 in particular has provided us with ample events to reminisce about. Unfortunately, certain developments have made it difficult for us to look forward to 2024 with any optimism. Hence as we are on the cusp of a new year it would be prudent to take stock of issues that have defined 2024.
In many ways the social and economic turmoil in major economies defined the year. European economies saw sluggish growth in 2023 which has had major political and social ramifications all over the continent, as conservative groups took advantage of the economic crisis to capture power in many nations like the UK and Italy. This will be a major area of concern in 2024 as the rising exclusionary sentiment in Europe may drastically affect the global economy and may restrict job and educational opportunities for Indian citizens. The economic crisis has not only been restricted to Europe as both the US and China had a difficult year in terms of economic growth. While on one hand China has had to deal with a housing crisis, the US has been burdened with foreign debt and saw historic levels of inflation. The continuation of the Russia-Ukraine war further worsened the situation. The economic malaise in these major economies seems to have spread to developing economies as we have seen major collapses in Turkey, Egypt, etc. Overall 2023 was a terrible year in terms of economic growth, and unfortunately, we may have to brace ourselves for more of the same in 2024.
The escalating violence in Palestine, very unfortunately, seems to be another major issue that will define 2024. Even more alarmingly with no ceasefire in sight, the situation only promises to intensify in the upcoming year. While many major world governments, including India, have advocated for the peaceful resolution of the Israel- Palestine conflict, these pleas have unfortunately fallen on deaf ears. The conflicts in Ukraine and Palestine represent an alarming trend within global politics where political leaders prey on the parochial instincts of the masses to advance their own cult of personality, even at the cost of innocent civilian lives. In these circumstances the upcoming US presidential elections would be a defining point in human history as its result may further consolidate the parochial and violent transformation of global political trends.
What we saw in 2023, in the global context, was the emergence of a power vacuum caused by decay within the political systems of major global powers. India remains the only major global power to have not only maintained an independent foreign policy, but also ensured relatively stable democratic governance. Repeating this task will only become more difficult in 2024 as the global economic slowdown is bound to impact Indians at some point. In conclusion, the year 2023 will be defined by extreme political and economic crises faced by major global powers. Moreover India might have to step into a greater global role, in 2024, given its economic and political robustness.