US Job Market Faces Major Layoffs in 2025 amid HMPV Virus Concerns

Introduction: Projected Job Market Shifts in the US by 2025

The job market in the United States is anticipated to undergo significant changes by the year 2025, driven by a convergence of health, economic, and political factors. Experts warn of potential massive layoffs that could reshape the employment landscape across various sectors. As these shifts unfold, it is important to understand the forces at play and the implications for workers and employers alike.

A key concern is the spread of the human metapneumovirus (HMPV) in China, which has raised fears of another potential global pandemic. Similar to COVID-19, this respiratory infection has prompted worries about its impact on worldwide health and economic stability. Additionally, the ongoing recovery from the coronavirus pandemic continues to exert pressure on job markets, complicating efforts to stabilize employment rates.

The political scene adds another layer of complexity, with the incoming Trump administration expected to bring changes that could influence job security. Policies related to taxation, regulation, and business incentives are predicted to shape corporate strategies, potentially affecting hiring and retention practices. Experts remain divided on whether these changes will lead to increased job cuts or bolster business confidence, providing some stability to the market.

Several companies have already begun to announce layoffs in anticipation of these challenges. Notable mentions include Amazon's reduction of jobs in its Prime Video and MGM Studios, Boeing's significant workforce downsizing, and Spirit Airlines cutting hundreds of pilot roles. These early moves signal a cautionary approach by businesses bracing for an uncertain future, reflecting a cautious outlook for 2025.

The technology sector has been particularly vulnerable, with 2024 witnessing a substantial number of layoffs due to the integration of artificial intelligence (AI) and other technological advancements. As AI systems grow more prevalent in workplace operations, job displacement within tech is expected to continue, highlighting the need for adaptive strategies in workforce management.

While the number of layoffs in 2024 was lower than in previous years, thousands of jobs were still lost towards the end of the year, with a significant spike in November. These figures illustrate the volatility in the job market, intensified by ongoing supply chain disruptions, shifts in consumer demand, and geopolitical tensions affecting global trade.

On the brighter side, the transition to green energy and the rise of remote work are emerging trends that offer new opportunities for job creation. These movements could offset losses in traditional sectors, presenting avenues for economic growth and innovation. However, the real challenge lies in managing this transition effectively to minimize social and economic inequalities.

Public sentiment surrounding these job market projections remains mixed, characterized by anxiety over job security and cautious optimism about potential growth areas. As the landscape evolves, it will be paramount for policymakers, industry leaders, and workers to collaborate towards fostering a resilient and inclusive job market.

Impact of the HMPV Virus and Global Health Concerns

The Human Metapneumovirus (HMPV) is emerging as a significant global health concern due to recent outbreaks in China, raising fears of another pandemic like COVID-19. This situation poses a potential threat not only to individual health but also to the global economy. With the ongoing ripple effects of the coronavirus pandemic, and now the additional impact of HMPV, countries worldwide are on high alert. Experts fear that the spread of this virus may lead to disruptions in several sectors, including healthcare, travel, and international trade, exacerbating the already fragile state of global economic recovery. The threat of HMPV is seen as a reminder of the delicate balance between health security and economic stability.

Beyond health concerns, the fear of an HMPV-induced economic downturn is prominently felt in the U.S. job market, as experts warn of significant layoffs in 2025. The technology and consumer-focused sectors, already impacted by previous economic uncertainties and the rapid integration of AI, may face further job cuts. Companies such as Amazon, Boeing, and Spirit Airlines have already signaled potential job reductions as they brace for challenging times ahead. The forecasts for 2025 indicate that macroeconomic conditions, coupled with potential policy shifts under the new Trump administration, could play pivotal roles in determining the extent of job market stabilization or turmoil.

Public sentiment towards these developments is a mix of anxiety and cautious optimism. While concerns over job security mount, there is hope for new opportunities in emerging fields like green energy and AI. This reflects a broader societal shift towards adapting to an evolving economic landscape, where traditional industries may decline while innovative sectors rise. The potential policies of the incoming Trump administration could either alleviate or exacerbate these tensions, as decisions on taxation, business incentives, and trade could significantly sway the job market's direction amid these health crises.

Globally, the spread of the HMPV virus has reignited discussions on pandemic preparedness and the importance of resilient healthcare systems. There is growing recognition of the need for international collaboration to address such health threats effectively. Furthermore, the potential socio-economic impacts of widespread layoffs—stemming from both health concerns and technological advancements—are prompting governments to reconsider existing policies and strategies to mitigate long-term economic disruption and inequality. As the world watches closely, the actions taken in response to the HMPV virus will likely influence global health and economic policies for years to come.

Ongoing Effects of the Coronavirus Pandemic Recovery

The ongoing effects of the coronavirus pandemic continue to impact the global economy, with significant implications for the U.S. job market. As the world navigates towards recovery, new challenges have emerged, including the spread of HMPV virus in China and its potential global health impact. Experts predict that these factors, combined with the transition to a new administration in the U.S., may contribute to significant layoffs in 2025.

Notably, the job market already shows signs of strain, with major companies like Amazon, Boeing, and Spirit Airlines announcing layoffs. In 2024 alone, the technology sector was heavily impacted, losing over 429,608 positions, largely driven by the integration of artificial intelligence in workflows. This trend underscores the complex interplay between technological advancement and job security.

As the U.S. prepares for potential policy changes under a new administration, there is cautious optimism that new economic strategies could offset some job losses. However, significant concerns remain, particularly around how trade policies and regulatory shifts might affect corporate employment strategies.

Public sentiment reflects a dual sense of anxiety and hope, as discussions online reveal fears of job displacement due to AI and potential economic gains from new green energy positions. The rise of remote work also continues to transform traditional job structures, offering both challenges and opportunities for economic resilience.

The interplay of these diverse factors highlights the intricate landscape of the U.S. job market as it faces a transformative period. Policymakers and industry leaders must navigate these changes carefully to safeguard employment while embracing innovation in rapidly evolving industries. The pursuit of a balanced approach will be crucial in mitigating job losses and fostering sustainable growth.

Influence of the Incoming Trump Administration on Employment

The incoming Trump administration's approach to economic policy and employment is expected to have significant effects on the U.S. job market. With the potential for new policies aimed at stimulating the economy, there is a dual expectation of both positive and negative impacts on employment. This dichotomy is mainly due to the anticipation that while the administration could introduce measures favoring job creation, it might also implement other policies that could induce market volatility.

One of the primary concerns related to the Trump administration is its potential trade policies. Historically, increased tariffs and a focus on protectionism could lead to decreased international trade, which might negatively affect various sectors, leading to job losses. However, supporters argue that such policies could lead to increased domestic production and bring back jobs to American soil.

Another area of influence is the regulatory environment. The Trump administration may lean towards deregulation to stimulate business growth, which could benefit certain industries by reducing compliance costs. Yet, this approach may also lead to increased environmental and social risks, which in turn could create public pushback and uncertainty in how businesses and employees are affected.

It is essential to consider the broader economic context, including challenges such as the global economic slowdown, supply chain disruptions, and the ongoing impact of viral outbreaks like the HMPV virus. These factors add layers of complexity to how Trump's policies will unfold and impact employment.

Overall, while there is optimism about initiatives that could encourage investment and job creation, there is also significant apprehension about how other potential policy changes might lead to market uncertainties and employment challenges. The true effect of the Trump administration on employment will largely depend on the balance between these competing policies and their execution amidst evolving global economic conditions.

Case Studies: Major Companies Announcing Layoffs

In recent months, several major corporations have made headlines with announcements of significant layoffs, reflecting broader economic trends and uncertainties. Among these companies is Amazon, which has announced that it will be cutting hundreds of jobs within its Prime Video and MGM Studios divisions. This move is part of a larger cost-cutting strategy as the company adapts to changing market conditions and seeks to streamline operations.

Boeing has also made news with its decision to reduce its workforce by 2,000 employees. The aerospace giant cites the need to align its workforce with a changing business environment, influenced by shifts in global demand for air travel and aircraft manufacturing. The layoffs are part of Boeing's broader restructuring efforts to maintain competitiveness and operational efficiency.

Spirit Airlines, a major player in the low-cost airline sector, announced the layoff of 260 pilots. This decision has been attributed to ongoing challenges such as fluctuating fuel prices, changing consumer travel preferences, and the need to adjust flight operations to ensure profitability. The airline industry, heavily impacted by the COVID-19 pandemic and its aftermath, continues to grapple with the challenge of balancing capacity with market demand.

These announcements come in the context of broader concerns about the U.S. job market, which faces potential disruptions in 2025 due to various factors, including health uncertainties related to the HMPV virus. As companies prepare for the future, strategic decisions like these layoffs are seen as necessary to navigate economic headwinds and ensure long-term sustainability.

Layoff Trends: Comparison Between 2024 and Previous Years

The layoff trends in 2024 present an intriguing pattern when contrasted with previous years. In 2024, fewer layoffs were recorded compared to 2023, indicating a temporary stabilization following the upheaval created by COVID-19 and other economic factors. Notably, November 2024 saw a spike with 57,727 job cuts announced, a number that suggests a shift in market dynamics requiring closer examination.

One of the most impacted sectors in 2024 was technology, which saw significant layoffs partly due to advancements in artificial intelligence that rendered some roles obsolete. A total of 429,608 individuals were affected in this sector alone, highlighting the disruptive impact of technological integration and the need for adaptation in job roles and skills.

Experts are attributing various factors to this trend of layoffs and job market fluctuations. The Human metapneumovirus (HMPV) poses a potential threat akin to past pandemics, with its spread causing considerable economic concerns globally. Additionally, macroeconomic conditions and the policy directions under the incoming Trump administration are projected to affect job security in 2025, with shifts anticipated in regulations, taxation, and business incentives.

Interestingly, while layoffs in 2024 were less frequent than in the previous year, certain sectors began bracing for potential downturns spurred by international factors, such as the predicted global economic slowdown, supply chain disruptions, and the rise in green energy employment shifts. These factors collectively suggest that industries and employees must remain agile and forward-thinking.

Public reaction to the economic landscape of 2024 into 2025 reflects a dichotomy of concern and hope. The technological sector's job cuts fostered widespread anxiety about future employment, yet there is cautious optimism about evolving opportunities in green jobs and AI-focused sectors. As the world continues to navigate the influence of macroeconomic shifts and technological advancements, the narrative remains one of resilience and adaptation against a backdrop of uncertainty.

Sector-Specific Analysis: Technology Industry Layoffs

In 2024, the technology industry faced a significant challenge as it experienced the highest number of layoffs among various sectors, with a total of 429,608 jobs affected. The integration of artificial intelligence into business processes was a major contributing factor, leading to job redundancies and restructuring efforts. As companies embraced AI technology, they sought to enhance operational efficiency and cost-effectiveness, albeit at the expense of human labor. This trend highlights the critical intersection between technological advancement and workforce dynamics, underscoring the growing need for reskilling and workforce adaptation programs within the industry.

The current economic landscape, marked by global health concerns and evolving political scenarios, is setting the stage for what could be a turbulent period for the technology sector in 2025. The HMPV virus, currently spreading in China, poses a potential risk of becoming a global health crisis similar to past pandemics, which historically have had profound impacts on worldwide economic conditions, including the job market. Simultaneously, the incoming Trump administration could usher in policy changes affecting taxation and business regulation that might influence employment trends in the tech industry. Companies within this sector are bracing for these uncertainties, making strategic decisions that could include further workforce reductions or transformation initiatives.

The potential for significant layoffs in the technology sector in 2025 exists against a backdrop of broader macroeconomic factors. Predictions by experts highlight several risks, such as potential economic slowdowns and inflationary pressures exacerbated by future trade policies. The Fed's interest rate adjustments, coupled with continued supply chain disruptions, are factors expected to shape market dynamics, potentially leading to further volatility in employment figures. However, there are also opportunities, particularly in sectors linked to technological innovation such as green energy and AI, which may offer new avenues for employment and economic growth. This dual outlook of risk and opportunity necessitates a balanced approach by tech companies as they navigate the year ahead.

Future Outlook: Market Factors and Potential Administration Policies

The future of the job market in 2025 looks precarious, with anticipated massive layoffs influenced by several key factors. Firstly, the concerns surrounding the HMPV virus in China have raised alarms over a possible global health crisis, reminiscent of the COVID-19 pandemic. Such health concerns could significantly hinder global economic stability and growth, potentially leading to reduced corporate confidence and an uptick in job cuts across multiple sectors.

Furthermore, the U.S. job market is expected to face additional challenges from the ongoing ramifications of the coronavirus pandemic recovery. Many companies are still reeling from the past few years' disruptions and are reassessing their workforce needs to align with the new economic realities. Consequently, corporations such as Amazon, Boeing, and Spirit Airlines have already announced considerable layoffs as part of their restructuring efforts.

However, it's not only health-related issues at play. The incoming Trump administration might implement impactful changes to taxation, regulation, and business incentives in 2025. These policy choices will be crucial in shaping the economic landscape and could either alleviate or exacerbate the job market situation. Moreover, decisions related to trade policies could lead to increased costs for businesses, influencing their staffing decisions.

The public sentiment towards these potential changes is mixed. On one hand, there is widespread concern over the current wave of layoffs and the uncertainty of employment prospects, especially in the tech industry, which saw significant layoffs in 2024 due to the integration of AI technologies. On the other hand, hope persists for growth in green energy jobs and AI-related fields, which may offer new opportunities.

The task for policymakers and corporate leaders in the coming years will be to balance these myriad challenges – health, economic, and political – to mitigate job losses and foster a resilient economy. Understanding and adapting to emerging trends in remote work and technological advancements could be pivotal in securing the job market's future, thereby warding off potential social disruptions.

Expert Insights: Macroeconomic Conditions and Corporate Strategies

The macroeconomic environment is a critical factor shaping corporate strategies, particularly when faced with potential disruptions such as those forecasted for 2025. The article highlighted the threat of significant layoffs in the U.S. job market, spurred by various factors including the spread of HMPV virus in China and the anticipated shifts in policy under a new administration. Companies in sectors like technology and aviation, including giants like Amazon and Boeing, have already initiated layoffs, reflecting an adaptation strategy to anticipated economic conditions.

Layoffs are occurring against a backdrop of a complex global economic environment. The World Bank’s forecast of slowed growth and ongoing supply chain disruptions underscore the pressures companies face to remain competitive and agile. Furthermore, the Federal Reserve's monetary policy and geopolitical factors like trade tariffs add layers of complexity to these economic conditions. Within this context, corporate leaders must navigate short-term challenges while positioning themselves for long-term sustainability, making strategic decisions that could involve workforce resizing, investment in new technologies, or shifts to more sustainable energy sources.

Understanding and anticipating macroeconomic conditions are vital for companies as they develop forward-looking strategies. The transition to green energy, as evidenced by the rising demand for sustainable jobs, offers both challenges and opportunities for businesses. Moreover, the rise of AI and remote work necessitates a reevaluation of traditional business models and workforce deployment, potentially mitigating some of the impacts of layoffs through new technology-driven job creation.

Public and expert opinions play an integral role in shaping corporate responses to macroeconomic conditions. As noted by experts, the impact of the incoming administration on job security is multifaceted, involving potential policy changes that could either stabilize or disrupt the labor market. Companies are thus required to engage in strategic foresight, understanding that their adaptability and resilience are intertwined with broader economic and political trends.

The implications of these macroeconomic conditions extend beyond immediate business impacts, influencing societal trends and political landscapes. The potential increase in unemployment and shifts towards automation and remote work could have profound effects on social structures and urban economies. Additionally, the reaction of the public to these changes, whether through increased demand for certain jobs or shifts in consumer behavior, further compounds the complexity faced by businesses in sculpting their strategic pathways.

Public Reactions: Anxiety and Optimism Amid Layoff Predictions

The American public is wrestling with a mix of anxiety and cautious optimism as predictions of significant job layoffs loom in 2025. This duality in sentiment is largely driven by recent announcements of layoffs at major companies and broader economic uncertainties tied to health and political factors. There is an underlying concern, particularly in the technology sector, which already witnessed massive layoffs in 2024, partially due to AI advancements. However, some voices remain optimistic, focusing on potential new job opportunities arising from technological and green energy advancements.

Public anxiety is heightened by the spread of the HMPV virus in China, which draws parallels to the early days of the COVID-19 pandemic. With memories of economic disruptions still fresh, the potential for another such crisis has people concerned about job stability. Meanwhile, social media platforms like Reddit buzz with discussions about future job prospects, particularly in tech—a sector many feel is most at risk due to recent history and the rapid adoption of AI.

In addition to these health concerns, anticipation of the incoming Trump administration’s policies adds another layer of uncertainty. Changes in taxation, regulation, and business incentives are speculated to either mitigate or exacerbate job insecurity, depending on one's perspective. While the administration's stance on immigration and trade could influence job markets, the public's reactions are understandably mixed, reflecting the complex interplay between political actions and economic realities.

Despite the prevalent anxiety, there are pockets of hope within the public discourse. Some view the transition towards renewable energy and increased AI integration as openings for job creation and economic diversification. These developments are seen as potential counterbalances to the job losses feared in more traditional sectors. The public's cautious optimism is rooted in the belief that these evolving industries might offer a buffer during economic downturns, providing avenues for new forms of employment.

Overall, public reactions encapsulate the uncertainty of the times, influenced by impending health threats, economic policies, and technological shifts. As the country braces for what could be a tumultuous year, the general sentiment is neither entirely despondent nor blindly hopeful. Instead, it is a nuanced mix, aiming to navigate the complexities of potential job market transformations that lie ahead.

Potential Economic and Social Impacts of the Layoffs

The anticipated economic impacts of the 2025 layoffs are multifaceted, reflecting both immediate challenges and longer-term transformations in the job market. As companies like Amazon, Boeing, and Spirit Airlines announce significant workforce reductions, unemployment rates are expected to rise, particularly affecting the technology and consumer-focused sectors that are often the first to experience such downturns. This trend is expected to lead to a tightening of consumer spending and a potential decrease in business investments, contributing to an overall economic slowdown. However, while traditional industries face cuts, growth opportunities in emerging sectors such as AI-related fields and green energy may offer some offset, reshaping the job market landscape.

Socially, the layoffs are likely to exacerbate income inequality, disproportionately hitting certain sectors and communities while accelerating trends in remote work, particularly as companies seek to reduce overhead costs. This shift may lead to significant changes in urban economies and local business dynamics, as the demand for office space declines and local economies adapt to the new workforce distribution. Additionally, the pervasive anxiety over job security could spur social unrest or political movements, as individuals and communities grapple with uncertainty about future career prospects. The integration of AI in the workplace may also bring about structural changes in job roles and skill requirements, altering the traditional pathways to employment and career advancement.

Politically, the Trump administration will face substantial pressure to address these challenges through policies that foster job creation and economic stability. Potential shifts in public opinion could arise depending on the administration's response, influencing its focus on job stimulus packages, trade policies, and possibly changes to immigration laws to fill skill shortages in burgeoning sectors like AI and renewable energies. The impact of these layoffs extends beyond simple employment figures, affecting societal structures, government policies, and even international relations as trade tensions and economic strategies evolve to accommodate changing domestic priorities.

Health-related concerns, particularly the spread of the HMPV virus, compound these challenges by threatening public health and potentially necessitating further health sector expansion and pandemic preparedness initiatives. If unchecked, the virus could lead to economic disruptions akin to those experienced during the COVID-19 pandemic, prompting renewed emphasis on healthcare readiness and associated job creation. The situation underscores the interconnectedness of health and economic policies, as public health directly influences economic resilience and workforce stability.

Political Implications and Policy Expectations

The looming threat of substantial layoffs in the U.S. job market by 2025 brings into focus a series of political and policy-driven questions. With the potential resurgence of Donald Trump as president, policies that once spurred economic discussions could return to the forefront. This includes deregulation and tax cuts, which may create short-term economic boosts but come with the risk of long-term financial imbalances.

Trump's approach to handling trade relationships is expected to have significant implications on domestic employment. His past tendencies toward imposing tariffs could lead to trade tensions, adversely affecting industries reliant on international partnerships. However, there might also be strategies to boost domestic manufacturing and safeguard jobs, reflecting a balancing act between protectionism and globalization.

Amid fears of an unemployment surge, there will be increased calls for the incoming administration to prioritize job creation policies over mere corporate incentives. The political landscape is poised for potential shifts, especially if public dissatisfaction grows due to rising unemployment and economic stagnation.

The HMPV virus adds another layer of complexity, transcending domestic policies and stretching into global public health and economic arenas. Should the virus necessitate stringent health interventions, Trump's administration will need to navigate these challenges while considering their impact on the national economy.

In response, there could be a tightening of immigration policies, reminiscent of previous attempts to prioritize American jobs. Yet, with sectors like AI and green energy poised for growth, there might be an urgent need to revise these strategies to accommodate skill shortages, reflecting a potential pivot in policy direction.

Health-Related Concerns: HMPV Virus and Economic Consequences

The spread of the Human metapneumovirus (HMPV) in China is raising alarms both in terms of health and economic stability. Much like the COVID-19 pandemic, HMPV has the potential to disrupt global markets, placing additional pressure on already strained economic systems recovering from past pandemics. The potential for this virus to catalyze economic disruptions couldn't come at a more challenging time for the global economy, which is grappling with inflationary pressures, supply chain disruptions, and geopolitical tensions.

The anticipation of massive layoffs in the US job market in 2025 underscores the intertwined nature of health crises and economic dynamics. The environmental setup is precarious; with ongoing supply chain issues and economic slowdowns predicted by institutions like the World Bank, sectors reliant on smooth international trade and consumer confidence could see unprecedented job cuts. Companies like Amazon, Boeing, and Spirit Airlines have already announced significant workforce reductions across various operational domains, indicating a broader corporate anticipation of tightened economic conditions.

Technology companies have been particularly hit hard by market adjustments, with a large number facing the dual pressure of adapting to rapid technological integration like AI while managing economic uncertainties. This sector alone saw over 429,000 layoffs in 2024. The anticipated continuation of layoffs in the tech industry signals the ongoing restructuring processes that many companies are undergoing in an effort to remain competitive in a world leaning increasingly towards automation and digital solutions.

The incoming Trump administration is expected to play a critical role in shaping the economic landscape. Policies surrounding taxation, regulation, and trade are being closely watched as potential stabilizers or disruptors. Industries and employees alike are navigating this uncertainty with cautious optimism that policy adjustments may bolster job security. However, concerns about trade policies and tariffs remain as potential inflators of economic instability, with particular implications for investment and employment.

The societal implications of these economic forecasts are profound. There is likely to be an exacerbation of income inequality as certain sectors bear the brunt of job cuts more significantly than others, particularly affecting those in tech and consumer-dependent industries. The public remains divided, with some fearing an economic downturn while others find hope in the potential for new job creation within evolving industries such as green energy and AI. These mixed sentiments reflect the complexity of the current economic narrative shaped by health risks, technological advancements, and political shifts.

Long-Term Structural Changes in the Job Market Landscape

The job market has always been a dynamic entity, evolving in response to technological advancements, economic conditions, and policy changes. However, the anticipated upheaval in 2025 promises to be particularly significant, marked by potential mass layoffs. This forecast is driven by a confluence of factors including health concerns, political shifts, and economic trends. Experts are closely monitoring how these elements will interact to define the long-term structural changes in the job market landscape.

A key driver of change is the potential spread of the Human Metapneumovirus (HMPV) in China, which mirrors the challenges seen during the COVID-19 pandemic. The health crisis poses a dual threat of affecting global health while simultaneously influencing economic stability due to its capacity to disrupt supply chains and restrict consumer behavior. If not managed swiftly, this could lead to significant employment consequences not only in the US but worldwide.

The economic repercussions of the COVID-19 pandemic are still being felt, further compounding the challenges for businesses already grappling with recovery. The job market landscape has not yet stabilized, reflecting the lingering uncertainty and cautious strategies adopted by corporations. This backdrop sets the stage for potential employment shifts as companies adjust to a new normal where remote work and digital transformation play crucial roles.

Significant political changes loom as the incoming Trump administration might redefine business environments through policy adjustments. There are expectations and uncertainties about how new taxation and regulatory measures will impact employment. While some hope for business-friendly policies that could spur growth and stabilize the job market, others fear potential regulatory upheavals that might delay corporate hiring and expansion plans.

The technology sector, a harbinger of innovation and change, faces a paradox of rapid growth amidst widespread layoffs. In 2024, tech companies saw mass layoffs, largely due to the integration of AI and automation, which are reshaping the workforce. This sector's experience may offer a preview of broader market disruptions as industries across the spectrum adopt similar technologies, leading to shifts in workforce necessities and job market forecasts.

Overall, the job market in 2025 presents a complex landscape of potential risks and opportunities. The discussion around the effects of AI, evolving energy industries, and public health developments suggests that the market is on the cusp of transformation. This change is not just a challenge but also an opportunity to redefine occupational roles, sectorial dominance, and economic resilience in an increasingly interconnected global economy.