What changes will the world experience amid repercussions of ongoing energy supply crisis?
11:04, 22/08/2022, Monday • Yeni Şafak English News Center
The rise in energy prices and the problems of securing energy supplies are causing a clear change in global economic indicators and political equations because energy is one of the most important production inputs.
Countries that have energy sources and those that lack them
Expectations indicate that the rise in energy prices and the problems of securing energy supplies will lead to a change in the course of production worldwide and the occurrence of many macroeconomic problems, especially high levels of inflation.
The ongoing changes as a result of rising energy prices will have different consequences for countries that have energy resources or lack energy resources.
As for countries that do not have problems in securing energy supplies, they will enjoy important benefits and privileges because they will become a production base for countries that have energy reserves.
One of the advantages that these countries will have is that the cost will be low in the field of energy, and this could lead to many developed and industrialized countries that have energy resources transferring their production to those countries.
According to this situation, there will be negative effects on the industries of many developed countries that have problems in securing energy supplies, and for the continuation of industrialization, they may have to transfer it to other countries.
On the other hand, during the new phase, countries that have rich energy resources and do not have problems in securing energy supplies will enjoy significant benefits and privileges. Many developed countries will speed up the process of transferring their industries to those countries that will have low energy costs. Many countries with rich sources of energy will be able to become the new production base in the world.
Energy may lead to a change in the classification of the countries of the World Economic Association
Changing the production path may cause a rapid change in the size of the economic output of countries. There is a high probability that there will be a change in the classification of the countries of the World Economic Association, especially the country classified as having the largest GDP and the richest in terms of per capita GNI in the world.
These changes will lead to an intensification of competition between developed and developing countries. As the developing countries will have a say in the world, it will be inevitable that there will be a change in the institutions' structures that are today under the auspices of the developed countries.
For many years, there have been many calls for reform and restructuring within international institutions that have never been implemented. But with the changes that will occur, there will be an important opportunity to put those calls back on the global agenda and implement them.
Türkiye during the new phase
In this context, Türkiye and countries that depend on foreign energy will face many problems as a result of high energy prices.
But on the other hand, and to ensure the security of energy supplies, Türkiye has turned in recent years towards various energy sources, especially natural gas, so during this stage, it is the most fortunate and prepared than many countries of the European continent in terms of energy supply security.
Türkiye also enjoys many advantages as a result of its geographical location between countries rich in energy resources and developed European countries in need of these resources.
As a result of Türkiye's position and location, it is clear that there is a great potential to be a country to which investment and manufacturing can be transferred to many developed countries that have problems in securing energy supplies.
Therefore, the new phase in energy will be the beginning of the stage of reaping the fruits of the investments that Türkiye has made in the field of energy for many years to come.