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Obama’s Second Term: Implications for the Global Economy



The wait and anticipation have come to an end. Barack Obama has won the US presidential election of 2012 to serve the President’s office for 4 more years. How these next 4 years are going to be for global economy, peace and stability, only time will tell. Here is a brief analysis of what is in store for the world’s economy with President Obama’s re-election.

It goes without saying; President Obama deserves a pat on the back for winning this year’s elections despite a weakened economy and unemployment of up to 8%. It appears that the main reason for Obama’s close victory over Mitt Romney was due to his resilient attitude and policies reaching out to America’s middle class while his Republican opponent targeted the affluent. Another probable cause for being re-elected could be Obama’s broader vision to incorporate America’s Latin and other minorities into his policies.

Although critics have blamed Obama for being the Congress’ puppet and taking US’s economy down the drain, he did manage to recover employment rates and the nose-diving economy considerably well in the period just before elections. Major damage to the US economy was caused in President George W. Bush regime. Obama was handed over the difficult task of recovering it.

Obama’s second term in the US President’s office comes at a time when the world’ economy is at a critical point. Euro is crashing; Greece and Spain are suffering major bankruptcies. Japanese economy has not been doing well for the last few years either. In the US itself, the ongoing war on terror and other political activities have taken their toll on the country’s economy. Unemployment rates are higher than ever. Taxes are going higher and higher day by day.

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Seeing the current situation of some of the world’s leading economies, the question that comes to mind is what should be Obama’s top economic policy priorities in his 2nd term? A wave of economic downturn in any part of the world travels equally and affects all areas. While US is not the sole country responsible for shaping the world’s future it does have considerable impact on World Bank, G-20 and International Monetary Funds (IMF).

If a quick and active recovery of the US economy has to be made, the middle income groups must be catered for. Education is of paramount importance as lack of skilled labor will ultimately result in loss of economy.

As the world proceeds towards a more technologically advanced society, sustainable development and efficient use of resources is the key to better economies. Climate and resource are the two major restrictions on economy. Sustainable economic development is the only way forward in fighting off bankruptcy.

The elections are now over. Considering the current pace of economic and technological changes, the world is about to face a new era of industrialization, education, modernization and fiscal policies. It is hoped that the US Congress and President Obama work harder this term, to curb global deficits and provide better lifestyles to hundreds of millions of people in America and all around the world.



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