E-commerce giant Alibaba's founder Jack Ma has predicted that there will be a sudden change and disruption causing "pain" across the globe.
E-commerce giant Alibaba’s founder Jack Ma has predicted that there will be a sudden change and disruption causing “pain” across the globe. He said that the internet will spread its disruption through traditional industries. “In the next 30 years, the world’s pain will be much greater than its happiness,” Jack Ma said, adding that, “Social conflicts over the next 30 years will hugely impact every industry,” as per Fortune.
In a letter to Alibaba shareholders, last year, he also wrote about a difficult future for traditional businesses. “Throughout history, technological disruptions have followed similar trajectories: 20 years of technological disruption followed by 30 years of further rapid change as new technologies are applied throughout society,” his letter reads. The Alibaba founder has said changes the Internet brings will create millions of jobs, according to Fortune.
However, he predicted that the change would benefit Alibaba, as retailers turned to its technologies to transform China’s USD 4.5 trillion retail markets. Earlier, Ma spouted his bullish arguments on the Chinese economy and promoted globalization.
Earlier in January this year, Jack Ma has warned of a “big trade war” between China and the US under the new Trump Presidency if conflicts were not dealt properly.
He said China’s economic outlook will be “tougher than expected” due to continued slowdown of the Chinese economy and warned, “In the coming three to five years… the economic situation will be even more arduous than everyone had expected,” the e-commerce billionaire said, as per PTI.