As governments around the world struggle with record levels of debt due to pandemics and financial crises, it is becoming essential to explore new opportunities to support the global economy. There is enormous potential for private sector growth, and innovative sectors, like artificial intelligence, robotics, energy storage, and blockchain technology, could be essential for economic recovery.
Global debt has increased to a record $300 trillion, and according to the International Monetary Fund (IMF), approximately $100 trillion of that belongs to sovereign or government debt, with $31.5 trillion belonging to the US government alone. As such, it is becoming clear that government jobs are not enough to generate the revenue growth needed to cover mounting costs, and institutions’ growth rates are merely at 2% per year across the board.
To achieve the necessary growth, measures must be put in place to stimulate the private sector, which has the potential to generate the tax revenues needed for recovery. Instead of filling government jobs, it is now time for the government to embrace sectors that can drive our economic future, and this includes blockchain technology.
Blockchain technology has been steadily growing globally over the past few years and has the potential to revolutionize many aspects of our daily lives. With an expected growth rate of 68.4%, the blockchain market is expected to expand to $67.4 billion by 2026, from its $4.9 billion marks in 2021.
Thus, we can’t afford to ignore the potential of such a dynamic industry anymore. However, as with other high-growth industries, it is suffering from legacy legislation, which is not fit for purpose. Governments and regulators’ failure to support blockchain technology through innovative, adapted regulations may end up stifling innovation and progress in the entire market.
Thus, to drive growth, supportive policy measures are key. Governments need to create an environment where entrepreneurs can build and innovate freely, alongside implementing specific regulations that drive the blockchain’s wider sector forward.
The economic future of the world is at stake, the private industry and innovative sectors may be able to provide the necessary revenue growth to help the global economy recover from the mountain of debts that have accumulated over the past decade.
عبدالرحمان زمین پیما
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آرمان جعفری
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