Wednesday, 27 February 2013

Shipping Industry Instrumental To Growth Of Global Economy

As the global economy continues on it’s path to increasing prosperity around the world, the shipping industry is creating its own path. Approximately 90 percent of the world’s consumer goods are transported by sea. As the global economy grows, shipping companies have to keep up to the demand to ensure an effective system. As a result of the increase in consumer demand in emerging markets in recent years, the industry has not only found it difficult to supply the new demand but it has also had to redesign some of the international trade routes in the global sea-borne supply chain; at the same time.

The effort made by the shipping industry as a whole, has so far been able to keep up with the growing demand but it has come with it’s struggles in the last few years, particularly when the Great Recession started in 2008. Since then it has remained on a steady climb and has been serving the nations and the countries around the world with effective efficiency. Much of this efficiency has to do with the new port systems that have been put in place in more than 150 countries around the world. To date, there have been trillions of dollars of investments made to upgrade ports and modernize infrastructure in order to accommodate the new giant container vessels now setting sail around the globe. Early reviews so far have been positively impressive justifying the industry’s new vision in consumer transport systems.

It is expected that when the Panama Canal Expansion finally opens in 2015, the majority of the new global sea-trade route will be already be re-established. This only leaves two more years for countries and regions around the world to get their ports ready for the new global economy, if they have any notion to compete in the future. Furthermore, some analysts believe the global economy could very well double in size before 2020. With the world’s population growing, along with once underdeveloped countries emerging and developing into major contributors of the new global economy, it is believed that a new dawn of global prosperity may be on the horizon. Some industry experts believe that there will be an economic boom sometime between 2015 and 2020. One thing that is for certain, is that steady shipping industry investments can be counted on to be there to accommodate necessary growth and encourage worldwide economic development.


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