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June 18, 2024

The 2024 Global Electoral Odyssey: A Journey Towards Reshaping the World

The world is on the cusp of an extraordinary electoral cycle unlike any seen before, as an astonishing 49% of the world’s population, spanning 64 countries, will exercise their right to vote in 2024. Notably, these nations contribute over 50% of the global GDP and account for approximately 80% of the total market capitalization. With 125 million young first-time voters and over 50% under 40, the youth vote is pivotal in 2024’s elections across multiple nations. Among the most populous, India’s 970 million registered voters and Indonesia’s 200 million registered for the presidency highlight the unprecedented scale, giving youth an opportunity to substantially influence policies and priorities. With elections taking place in seven of the world’s ten most populous countries, 2024 is poised to be a defining year that could reshape the global political landscape.

The first half of the year has already witnessed several pivotal elections that have reshaped the political landscapes of nations near and far. In Bhutan, the liberal People’s Democratic Party secured a resounding victory, vowing economic revitalization and tackling unemployment. Bangladesh’s PM Sheikh Hasina secured a controversial fifth term amid opposition crackdowns, but the nation is projected to become a trillion-dollar economy by 2030, enhancing regional stability. Taiwan’s pro-sovereignty Democratic Progressive Party triumphed, reflecting continued support for self-governance while maintaining a stance to avoid escalating tensions with China. Across the African continent, Senegal’s Bassirou Diomaye Faye’s victory showcased the resilience of democratic institutions and the rising influence of Africa’s youth in promoting democratic ideals and good governance. Finland’s Alexander Stubb, a pro-European and strong Ukraine supporter, won the presidency, marking a new era for the newly approved NATO member.

Source: https://www.goldmansachs.com/intelligence/pages/how-the-worlds-record-share-of-elections-ripple.html

As the world transitions into the latter half of 2024, the electoral tide shows no signs of ebbing. The European Parliament elections in June could usher in a seismic shift, a key moment for setting the future orientation of the European Union. Across the Atlantic, Mexico is on the cusp of a historic milestone, with Claudia Sheinbaum leading the polls, poised to become the country’s first female president. In India, the incumbent Prime Minister Narendra Modi is widely anticipated to secure another electoral victory, ensuring ongoing political continuity and the continuation of his administration’s existing policies and agenda.

In the crucible of Africa, South Africa’s election could mark the end of an era, as the African National Congress faces the risk of being unseated after three decades of rule, however; Major economic policies like fiscal consolidation, reforms at state-owned enterprises, and attracting private investment are expected to continue regardless of the outcome. Across the globe, in one of the most crucial elections this year, the United States braces for what is expected to be a high-stakes rematch between President Joe Biden and former President Donald Trump, amidst growing concerns over threats to the very fabric of American democracy.

While these headline-grabbing elections command the world’s attention, it is imperative to recognize the profound significance of every vote cast, from the teeming megacities to the most remote corners of the globe. At Delphos, we remain steadfast in our commitment to staying ahead of the curve, providing incisive analysis and actionable insights to navigate the ever-shifting political tides, empowering businesses, and investors to capitalize on opportunities, enabling sustainable growth and progress in emerging markets, and ushering in a new era of global prosperity.

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