What’s happening to the locomotive of global economy, or The myths about the recovery of China

The COVID-19 pandemic has caused irreparable damage to all economies. Coping with the consequences by the leading players in the global economy is only expected. However, the worlds leading organizations have been trumpeting about overcoming the crisis in China. The aim of the research is to analyze the current state of the Chinese economy and answer the question whether it has overcome all the crisis phenomena. As part of the study, the authors analyzed indicators such as GDP, debt level, level of domestic demand, activity in the financial market and the MA market, as well as technological and social policies of China and the structure of trade. For the analysis of quantitative indicators, a combination of comparison and classification methods, media scanning, and crowdsourcing was used. The information base was grounded on annual reference books published by official institutions in Сhina, World Bank, International Monetary Fund, statistical data from international publications devoted to Chinese economy. The analysis showed the presence of trigger situations in the stock market, in the market for innovative investments and the banking sector. The state of the credit system is also a matter of concern. The authors have proven that enthusiastic statements about the rapid recovery of the Chinese economy are more an encouraging myth than a fait accompli. Today, China is only at the beginning of its recovery from the crisis caused by the pandemic. Will it be able to become the locomotive of global economic growth again, as in 2008? The answer to this question remains open.

IZAZOVI I KAPACITETI JAVNOG UPRAVLjANjA U ZEMLjAMA BRIKS-A

In the last decade, the BRICS countries have undoubtedly become the epicenter of global economic growth. However, dissatisfaction with the modernization process has led to the emergence of a new concept: public governance. Politically, BRICS is made up of three democracies (including the largest in the world, India), a totalitarian regime (China) and a nation characterized by significant authoritarian tendencies (Russia). Several issues that are important to the BRICS member states for the coming period concern the stability of constitutional systems, anti-terrorist efforts, accounting for corruption and security. The BRICS countries have relatively well-developed institutional and legal frameworks necessary to foster the rule of law regime. However, strong corruption and political indulgence have led to erosion in political, economic and legal institutions, a weakening of judicial independence and a lack of democratic accountability. For the success of the BRICS countries, strengthening the rule of law is more critical than ever for further economic progress, which is a long-term process and requires adequate measures to be taken to ensure respect for the principle of superiority of law, equality before the law, responsibility under the law, fairness in the application of the law, division of power, participation, legal certainty in decision making, avoidance of arbitrariness and procedural and legal transparency.

Artificial Intelligence and Economic Growth: A Theoretical Framework

The growing adoption of Artificial Intelligence (AI) has sparked ubiquitous concerns worldwide. Artificial intelligence can affect economic growth and employment. The influence is assumed to be substantial because the adoption of AI technology may lead to increased productivity, lower wages, prices, and labor substitution. Artificial intelligence can affect global economic growth with its widespread adoption and diffusion. We mathematically examined the effects of AI on economic growth, reiterating how AI is unique as a production factor. The models show that AI capital lowers capital prices, increases wages, and augments productivity. Besides, AI capital positively affects the labor share and vice versa, provided that AI and labor are complementary. We improved a task-based model to show AI raises both labor share and wages by generating new tasks. We also present the potential policy implications of AI adoption. We conclude AI can contribute to economic growth. Labor-abundant countries should adopt labor-augmenting technology, while countries with an aging population can adopt capital-augmenting technology. However, caution should be exercised in ensuring that the models are leveraged optimally.

Supply Chain Management and Restart of Economy in Post COVID-19

The increase in World Trade has led to significant growth in world GDP over last 100 years particularly. Supply chains have become the major enablers of world trade and the world is connected through supply chains. Any disruptions in any part of the world has led to disruptions in supply chains and economic recessions. Crisis like Tsunamis, earthquakes, 911 terror attacks, epidemics/pandemics like COVID-19 etc. have affected the businesses worldwide. COVID-19 pandemic has precipitated economic crisis due to disruption of supply chains and suppressed demand for many products and services worldwide. International Monetary Fund (IMF) has projected global economic growth to be negative 4.9%. This economic crisis has resulted in substantial erosion of market capitalization across the globe. The impact of COVID-19 is very significant on both health of the people and economy worldwide. Almost all businesses and governments are trying its best to save people from health and economic crisis. This requires rebuilding of supply chains through appropriate configuration with reliable sources of supply, collaboration, manufacturing and distribution of goods and services. Sectors like essential items, pharmaceutical, e-commerce have started early recovery of economy. However, other sectors require suitable interventions from government, business organizations in their policies and practices and use of digital technologies for economic recovery.

Design of solar powered electric vehicle

With the increased trends of industrialization and global economic growth leading to the everchanging petrol prices and other price hikes, private transport system has become a costly affair. All these problems can be addressed with innovation. One of the most feasible solutions is turning towards renewable energies to solve the issues i.e., increasing the use of renewable energies like solar power in the place of fossil fuels. Everyone’s dream of owning a commercially viable solar vehicle is slowly becoming a reality. Electric vehicles are now available at an affordable price. This opportunity is taken towards the design of a Solar powered two-wheeler. Designing a solar vehicle is a multidisciplinary subject that covers the broad and complex aspects from various subjects. In the designed vehicle, solar panel is used as the power source and developed voltage, stored in the battery, is used to the drive the permanent magnet DC motor which drives the rear wheel of the vehicle.

LOSS OF INFORMATION DURING DESIGN & CONSTRUCTION FOR HIGHWAYS ASSET MANAGEMENT: A GEOBIM PERSPECTIVE

Modern cities will have a catalytic role in regulating global economic growth and development, highlighting their role as centers of economic activity. With urbanisation being a consequence of that, the built environment is pressured to withstand the rapid increase in demand of buildings as well as safe, resilient and sustainable transportation infrastructure. Transportation Infrastructure has a unique characteristic: it is interconnected and thus, it is essential for the stakeholders to be able to capture, analyse and visualise these interlinked relationships efficiently and effectively. This requirement is addressed by an Asset Information Management System (AIMS) which enables the capture of such information from the early stages of a transport infrastructure construction project. Building Information Modelling (BIM) and Geographic Information Science/Systems (GIS) are two domains which facilitate the authoring, management and exchange of asset information by providing the location underpinning, both in the short term and through the very long lifespan of the infrastructure. These systems are not interoperable by nature, with extensive Extract/Transform/Load procedures required when developing an integrated location-based Asset Management system, with consequent loss of information. The purpose of this paper is to provide an insight regarding the information lifecycle during Design and Construction on a Highways Project, focusing on identifying the stages in which loss of information can impact decision-making during operational Asset Management: (i) 3D Model to IFC, (ii) IFC to AIM and (iii) IFC to 3DGIS for AIM. The discussion highlights the significance of custom property sets and classification systems to bridge the different data structures as well as the power of 3D in visualizing Asset Information, with future work focusing on the potential of early BIM-GIS integration for operational AM.

The Blue Growth Challenge to Maritime Governance

In 2006 the European Union (EU) began a dramatic change in its conception and approach to maritime policy. By developing what was called Integrated Maritime Policy, there was an attempt to coordinate different sectorial policies and thus adding value, through synergies and economies of scale. At the same time, and as a result of scientific and technological advances, five strategic sectors with great growth potential were identified: aquaculture, renewable energies, blue biotechnology, deep sea mining, and nautical tourism. These were the pillars for the Blue Growth Strategy, leading to more jobs and global economic growth. This trend quickly spread to other continents, universalising the concept of blue growth. However, the growing competition for maritime space, due to new uses, led to the realisation that along with the need to ensure confidence and stability for investors, it would be imperative to develop new planning and management instruments for these spaces. During this process, governments quickly realised that this evolution, which had the potential for far reaching economic and social impacts, required a new institutional framework adapted to this new reality, which would end up having an impact on the governments structure itself. We have witnessed, particularly during the last decade, a profound conceptual change in the governance of maritime space. The design of new political, legal, institutional, and governmental frameworks, which are introducing a new model of maritime and marine governance at a global scale, are probably the most critical one since World War II. This article develops this analysis, based on several examples, both in the EU as well as in other countries outside the bloc, particularly those surrounding the Atlantic, in order to demonstrate that the drive towards a blue economy triggered a profound and deep change in marine policies and governance.

Russia in the Global Process of Scientific and Technological Development

This article investigates new global trends in scientific and technological development and their impact on sustainable socio-economic development of individual countries and the world as a whole. The author shows the importance of implementing emerging technologies that open up new opportunities for the global economic growth by changing its technological basis, giving a competitive advantage to those countries that are leading this change. The article analyses which new approaches to science and technology policy are being adopted in developed and developing countries to maintain high positions in the R&D and emerging technology, and to conquer new markets. Furthermore, the author reveals the risks associated with a serious gap between Russia and the leading countries, which is unlikely to be bridged with the existing raw material export-based development model. Analyzing the state of scientific andtechnological development, advance in the field of new technologies, as well as implemented strategies and programs in this area, the author identifies key areas for improving scientific and technological state policies, which will allow the country to intensify R&D and innovation in this area, strengthen its position in the global hightech markets and create prerequisites for increasing Russia’s competitive advantages in the global technology scene.