The next Great Depression will have a tremendous impact on the entire world, heavily influencing the way we think and act. As we navigate through this period, there will be a lot of changes to life as we know it today, in 2023. To help you prepare for what is to come, we will discuss what the world will look like after the 2030s Great Depression.
The next Great Depression will start in 2030 and likely last through 2036. After this six-year period of economic decline, it will take roughly four years to fully climb up from that low point and get to where we were before the Great Depression began.
A lot can and likely will change between now and the end of the upcoming Great Depression; we expect the world will look very different than today. There will be many changes that come from the millennial generation as its members spark new and unique ideas. This shift in mindset will automatically bring a change in attitudes, worldview, cultures, and even relationships between nations.
It will be a new world with new pressures and new opportunities, as well as a bright future. However, that does not necessarily mean that a decade of peace is certain to follow the 2030s Great Depression. With or without conflict, international borders could potentially be redrawn in some areas. While these changes are always subtly happening in the world, more noticeable changes could come to pass.
Think back to the technology you have used over the course of your life. It was not long ago that Blackberry helped develop what came to be the modern smartphone, offering a mainstream cell phone with a full QWERTY keyboard from which you could send and receive corporate emails for work on the go. Today’s common smartphone is essentially a fully functional computer that fits into your pocket.
Creative minds will be paying attention to what the world needs coming out of the Great Depression, and we can assume that an innovative new technology born in this decade may spark the same seismic change that occurred with the computer chip. This new technology will likely start off small and niche, but it may explode in popularity and become ubiquitous, just like the smartphone.
Countries of all sizes have the potential to prosper following the Great Depression. The nations that will presumably have healthy economies and enjoy the most economic growth will be those with growing populations, valuable natural resources, and an inclination toward business capitalism. Accounting for those factors, the United States will, in all likelihood, be the strongest, most vibrant economy in the world.
Some other nations – such as Russia, Japan, and China – may not be so lucky, as they are all facing population decline in the future. It is difficult to grow an economy with a declining population; when population declines, both the taxpayer base and the labor force decline.
Of course there will! The most important thing to remember is that this is not the end of the world; it is not the zombie apocalypse pounding at your door.
The Great Depression of the 2030s will be a major economic downturn that everyone will remember for many years. But with the right preparation, you will face far fewer problems, allowing you to operate your business and live your life to the fullest!
Many people are frightened by the words “Great Depression,” but you do not have to be afraid! ITR Economics will be here to help you and your business prosper as the economy approaches, moves through, and recovers from the 2030s Great Depression.