“Megatrends are large scale trends that could have significant economic consequences and scarring effects for population sub-groups and places because of impacts on human, social, physical and natural capital.”
This project ‘Megatrends in the Midlands’ identifies four major megatrends likely to impact the region:
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Megatrend 1: Technology and Digitization refers to the rapidly evolving impacts of new technologies such as artificial intelligence programmes and increasing acceptance of old technologies in new sectors such as remote working, and teleconferencing in healthcare.
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Megatrend 2: Climate Change and Net-Zero refers to the impacts of climate change such as excess heat, flooding, and agriculture issues, and also the impacts of policy in mitigating climate impacts (net-zero).
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Megatrend 3: Rising Geopolitical Tensions refers to an increasingly multi-polar world which after recent conflicts has led to increasing prioritisation of supply chain resilience and security over efficiency.
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Megatrend 4: Demographic Trends refers to the ageing population in much of the West and China. It also refers to changing migration patterns and what impacts these changes could have for the economy and health systems.
The purpose of this work is to understand how these trends are likely to unfold in our region and how policy can best react to support industry and households to move from a probable future to a preferable one.
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Identify the key megatrends facing our region
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Identify the regions competitive advantages and structural vulnerabilities
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Evaluate how megatrends could unfold in our region
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Guide national, regional and local policy to mitigate against the risks and seize the opportunities presented.
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Funder/client: Midlands Engine
Timescale: No Offical Timescale
CONTACT
Project contact: Dr Matthew Lyons
Email: m.lyons@bham.ac.uk