Global Election in 2024 – An Opportunity for Business in Countries

We started our journey in 2024 with the commitment to pursue success in life, achievement, and recognition of fame. What if the election of a country does the same for export-import business?  Let’s delve into the unfolding event of 2024 and see how countries’ elections are crucial for any business accomplishment.  

More than half of the world’s population will vote to elect their representative of a country in 2024, which will emerge as a transformative epoch in democratic history.

The country’s representative determines the futuristic perspective of a country for development, diplomatic relations, enriching business culture, etc. by providing a conducive environment for economic growth and entrepreneurship.

Mellifluous Election – An Opportunity for Business Growth

Stable Policies – A stable government means a lot for the business community and overall business process development.

Foreign Investment– Without initial investment, business expansion is not possible. Investment flow runs parallel to ease of doing business. For instance, a region with conflict faces a struggle to attract investment.

Global trade opportunity – The Country’s stance on international trade and diplomatic relations and trade policies are influenced by elections, for instance, the Republican and Democratic parties of America follow a concept of Protectionist and Open Economy respectively.

Entrepreneurship Culture – Political campaigns engrave a sense of innovation and confidence among the business community, for instance, the MAGA campaign by Republicans encouraged the business community to expand their business across the world.

Infrastructure development – Visionary leaders come with a long-term roadmap for the country’s business growth, like Zero emissions by 2050 by developed countries.

Global Election – A Comprehensive Research Study of the Market

Here is data highlighting how countries’ elections in 2024 facilitate the beginning of a business journey. From the mentioned data one can observe that export commodities continuously growing except for the year 2020, which was the pandemic period.

The global trade value of export commodities increased from $18757 Billion in 2019 to $24611 B in 2022. Look at the given table to understand the countries’ exports of commodities.

It’s very clear from the below table that exports and imports during the pandemic drastically fell to their lowest point in the year 2022. The highest growth in import business was registered by India, in 2020 the import value was 478 billion which was doubled in 2022 to $732 billion. Whereas, Russia is the only country whose imports fell from $243 billion in 2019 to $199 billion in 2022. Look at the table.

The year 2024 is going to be the busiest region as half of the countries in the Asian continent will have their election including India along with its neighbouring countries like Bhutan, Pakistan, Maldives, Sri Lanka, Indonesia etc. Let’s look at the statistical data of export-import by Asia as a continent.

Asia’s Export-Import – A Rising Star

In comparison, Asia’s exports of commodities are more than its imports of commodities, whereas Europe’s exports are less than its imports. Exports from Asia increased from $7718 Billion in 2019 to $10487 Billion in 2022 and imports increased from $7762 billion in 2019 to $9791 billion in 2022. Data from 2019-2022 has been mentioned below in the table.

Now, you are aware of the statistical clarity on export-import data around the world and how elections change the global market trend.

Let’s discuss the export data on various goods from 2019 to 2020. If you go through the given table, you will observe that the export of Mineral fuels & oils doubled from $2551 billion in 2019 to $4001 billion in 2022. The export of electrical machinery & equipment was among the commodities which increased during the pandemic.

Import of mineral fuels & oils also doubled from $2359 billion in 2019 to $4337 billion in 2020, and the import of electrical machinery & equipment remained on the list of growing commodities during the pandemic. Here is the list of top imported commodities from 2019- to 2022.

Apart from the opportunities, elections sometimes bring challenges for business growth. Here are the points-

Change in Power – A Challenge for the Business Community

Jiggling policies – The trust of the business community depends upon the stability of the government, with a change in power, the trust starts disappearing like melting ice.

Social Unrest – Contentious elections resulting in protests and disruptions of public property. This emerges as an unsafe environment for the business community and their employees, for instance, Chinese employees deployed for the CPEC corridor.

Global trade uncertainties – Leadership changes may affect the trade agreements and alliances, for instance, the withdrawal of GSP status given to developing nations by the US president.

Changes in Tax regimes – A new government sometimes changes the whole tax structure to fulfil its campaign promise.

In a changing power scenario of a country, it becomes crucial for the business community to go through a proper analysis of the business environment. So, businesses can foster growth and innovation with market confidence.