The Economist World–News – The Global Economic Growth Virtual Summit, held yesterday, marked a historic turning point in the global economic landscape, with about 165 nations officially participating in the groundbreaking event that promises to redefine the future of economic prosperity. Hosted by the World Subnationals and Nations (WSANDN), the summit featured the official unveiling of the Economic Growth Capital Resource (EGCR), an ambitious initiative set to unlock an astonishing $300 trillion in value across local economies around the world.
The summit was filled with monumental announcements, including the launch of the Global Economic Council (GEC), a newly formed coalition of the world’s most influential billionaires, business leaders, and entrepreneurs. Key figures such as Elon Musk (Tesla, SpaceX), Mark Zuckerberg (Meta), Jeff Bezos (Amazon), Warren Buffett (Berkshire Hathaway), Zhang Yiming (ByteDance/TikTok), and Mukesh Ambani (Reliance Industries) are part of this powerful group that will play a central role in reshaping global economies and ensuring sustainable, inclusive growth.
The formation of the Global Economic Council (GEC), which was only announced two days before the summit, marks a new era of collaboration between business, government, and technology leaders. This coalition is designed to drive forward major economic initiatives, with a focus on innovation, job creation, and fostering foreign direct investment (FDI) in both emerging and established markets.
One of the most notable announcements was the EGCR, a transformative economic tool powered by Juvidoe Technologies, utilizing blockchain and artificial intelligence (AI) to drive development in local economies worldwide. The EGCR, valued at $300 trillion, is designed to tackle pressing issues like poverty, joblessness, and financial instability by unlocking the hidden potential within local economies. This initiative will help nations move away from traditional GDP growth models and instead focus on real, inclusive prosperity that benefits people at all levels.
In her keynote address, Dr. Belle Burdis, an economic expert from the United Kingdom, underscored the importance of building resilient local economies to drive global prosperity. “When local economies thrive, the world thrives,” Dr. Burdis stated, highlighting the crucial role of innovation and strategic investments in driving long-term economic growth. She called for innovative funding models, such as Public-Private Partnerships (PPPs), social impact investing, and crowdfunding, to ensure that critical sectors like healthcare, education, and infrastructure are financed without burdening national budgets.
Dr. Burdis also emphasized the need for vocational training and education programs that align with emerging industries, such as renewable energy, technology, and healthcare. She further stressed the importance of supporting small and medium-sized enterprises (SMEs), which play a vital role in job creation and the diversification of local economies.
However, the most significant moment of the summit came from Dr. Dominion V. Judah, the President General of WSANDN. In his address, Dr. Judah unveiled the Poverty Reduction Index (PRI), a new economic measure aimed at shifting the focus away from GDP growth alone. “GDP may grow, but if it does not result in poverty reduction, it does not truly represent economic growth, but mere production growth,” Dr. Judah declared. “True overall economic growth must lead to poverty reduction.”
Following this, Dr. Judah officially introduced the EGCR, a strategic initiative designed to unlock economic growth potential at both local and global levels. The EGCR aims to provide governments and businesses with the necessary financial resources to invest in critical sectors, manage debt, and stimulate job creation. At its core, the EGCR includes several key components:
- Sector Development Funds (SDFs) – Targeted investments into key industries like agriculture, healthcare, and technology to stimulate job creation and enhance productivity.
- Sovereign Wealth Funds (SWFs) and Subnational Wealth Funds (SnWFs) – Long-term investment vehicles designed to generate wealth and provide governments with a sustainable financial foundation for reinvestment in infrastructure, social welfare, and economic development.
- Subnational and National Reserve Systems (SNRS) – A system designed to stabilize local currencies, mitigate inflation, and ensure economic security for businesses and individuals.
- Subnational/National Direct Investments (SNDIs) – Investments aimed directly at stimulating high levels of production in local economies to reduce inflationary pressures and encourage sustainable growth.
- Subnational/National Capital Markets (SNCMs) – Financial markets that enable local governments and businesses to raise capital for development and expansion.
- Debt Management Solutions – EGCR will assist in managing global debt, providing solutions to help governments reduce their debt burdens and reinvest in growth sectors.
- Subnational and National Infrastructure Funds (SNIFs) – Investment funds aimed at building and modernizing critical infrastructure, such as transport systems and communication networks, to drive economic activity.
In addition to these components, EGCR aims to empower developing economies by enabling them to take greater control over their natural resources, reduce reliance on external forces, and pursue self-sustaining growth. Dr. Judah also emphasized the importance of regional economic cooperation, noting that the EGCR will provide tools to enhance economic integration between neighboring nations and foster more balanced growth across regions.
The WSANDN and Global Economic Council (GEC) will work closely with governments, international organizations, and the private sector to implement EGCR’s vision. The GEC will focus on collaborative solutions for poverty eradication, promoting job creation, and supporting sustainable economic growth worldwide.
The Global Economic Growth Summit concluded with a sense of hope and optimism, as global leaders from both developed and developing nations expressed their commitment to working together to address the economic challenges of the future. The EGCR, with its ability to unlock $300 trillion in value across local economies, is being hailed as a key tool in creating a more prosperous, interconnected world.
The success of this year’s Global Economic Growth Summit and the launch of these transformative initiatives signal the dawn of a new era in global economic collaboration. As nations unite to overcome challenges such as poverty, inequality, and environmental sustainability, the promise of the EGCR offers a hopeful pathway to a more prosperous and equitable world.
