Navigating Today’s Economy is the latest series streaming on The Ismaili TV. Featuring esteemed figures from the economic and financial sectors, the show explores a range of current themes in an effort to get past complexity and offer clear, actionable insights.
The latest episode features Professor Amin Rajan, CEO of CREATE-Research, a network of researchers that publish reports on employment and finance. In a conversation with Nazreen Visram, herself a seasoned finance professional, Amin shares a treasure trove of knowledge and wisdom based on years of experience and research.
Asked for a high-level overview of the state of the economy around the world, and particularly in the UK, Professor Amin responds with a somewhat sombre analysis:
“I think the plain truth is that we’re in the middle of a really big crisis, the likes of which we haven’t seen in our lifetime,” he says.
Because of high inflation, poor policy choices, stagnation, and the ongoing challenges of Brexit, explained Amin, the UK is suffering from a ‘perfect storm,’ and is likely to fare the worst among its peer-group economies.
“This tough environment is likely to be here for a while,” he adds.
While it's difficult to predict exactly how long, Amin says, the situation is likely to get worse before it gets better, due to the time it takes for the effects of central bank policies to work their way through the economic system. This means we may witness even higher inflation than we’ve already experienced in the UK and elsewhere.
“The value of the pound in our pocket is eroding continuously and as a result of that, we’re left relatively worse off than we were a while back.”
So what does all this mean for members of the Jamat? First, it requires re-examining finances at the individual and family levels to make wiser choices in light of the current economic climate. In essence, separating necessities from luxuries.
“It’s very much a question of living within your means, and prioritisation is going to become very important,” says Amin. “Put an emphasis on things that matter most in life — the most essential things.”
For businesses “you have to go that extra mile for your customers,” and for individuals and families, “it really pays to save for a rainy day.”
One of today’s buzzwords, used by executives, creatives, and coaches alike is ‘innovation.’ What does this actually entail, and what are its implications for the world at large, and for each of us as individuals?
Innovation does not necessarily mean designing a new piece of technology or a shiny new product, interview host Nazreen suggests. It can also mean tweaking business processes, adjusting price margins, or experimenting with a different marketing campaign.
Step-by-step incremental change is key for achieving long-term successful results, agreed Amin. “Whatever you’re doing, ask yourself two questions,” he suggests. First, “How can I do old things better?” and second, “How can I do some new things as well on top of that?”
He goes on to explain that being fit and adaptable to change are vital in order to stay competitive and not be left behind. Education and training are key ways to do this – to keep up with change.
“Good education provides a good basis for getting into the job [market]. But not only that, it also provides a base for continuous lifelong learning that Mawlana Hazar Imam talks about.”
“If you don’t have a good base, you cannot build new skills on it. It’s just impossible.”
In the episode, Amin outlines a number of other strategies to cope in periods of economic turbulence, and has valuable advice for individuals and families at different stages in their economic progress.
It’s not all doom and gloom, however. The episode ends with a hopeful message on how to see the coming economic difficulty and how to live through it.
“Every dark cloud has a silver lining,” concludes Amin. “Let’s see this crisis as a concealed opportunity to really re-examine the way we live, the way we work, the way we behave towards each other, and really create a very resilient community which is widely admired around the world.”
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To watch the show in full, and learn how to better navigate today’s economy, visit The Ismaili TV On Demand.
