Unveiling the colours of the economy

On Wednesday, 9 October, in Turin, the European Training Foundation (ETF) and the International Training Centre of the International Labour Organisation (ITCILO) embarked on a dynamic, three-day exploration of global economic shifts as part of the interactive event, “WOW - Unveiling the Colours of the Economy.”  

More than 100 researchers, policymakers, and thought leaders from across the globe gathered to consider a fresh perspective that uses colour to analyse the complexities of the evolving global economy. On the first day, participants were prompted to examine how these ‘colours’ can reflect nuanced changes within key industrial sectors, offering a more flexible, vivid and relevant framework to describe today’s interconnected economic landscape.   

An innovative start! 

As part of the ETF’s broader initiatives on skills anticipation and matching, under the ETF’s Skills Lab Network of Experts, the event was opened by ETF Director, Pilvi Torsti. Although unable to attend in person, she appeared as a hologram—an ideal example of how technology and digitalisation, as one of the major economic disruptors, can enhance everyday life.  

In her remarks, Torsti explained the importance of focusing on the colours of the economy, stating, "We know the world of work is transforming, and new skills are in demand." She added, "We also need to view skills from a fresh perspective, and the Colours of the Economy event is an opportunity to explore this rainbow of change together.”  

Christophe Perrin, Director of ITCILO welcomed the close collaboration with the ETF and emphasised the need to understand interactions both within and between the colours.  

“The colours identify diverse but interconnected sectors, each one crucial to confronting the many challenges,” he continued, “Understanding the colours will help us navigate some key trends and changes, such as technological advancements, demographic changes, and climate change.”   

Perrin concluded, “At the ITCILO we are committed to working with our partners and supporting stakeholders at all levels in preparing for the future of work and the future global economy,” underscoring the importance of co-creating forward-looking social policies to support the building of skilled, inclusive and sustainable societies. 

So, what are the key colours of the economy, and how can they guide us in shaping economic transitions and addressing future challenges? The future is not predetermined; it is shaped by our collective actions, which will determine which of the many possible futures becomes a reality. 

The colours of the economy 

The concept of the green economy has been embedded into the public consciousness as a consequence of the global climate crisis. It emphasises sustainability through processes aimed at reducing waste, optimising the use of resources, and transitioning to clean and renewable energy sources to help achieve the net zero emissions ambition. Rooted in the principles of the circular economy, the green economy promotes eco-friendly processes, and the creation of green jobs to deliver sustainable, long-term prosperity while protecting the planet’s ecological systems. 

The blue economy promotes the sustainable use and management of marine and freshwater resources, balancing economic activities such as fisheries, aquaculture, and water-based tourism with the preservation of marine life and ecosystems that support livelihoods and economic growth. 

The gold economy is driven by technological developments and digitalisation, meaning it is a catalyst for innovation and growth across all economic sectors. Advanced technologies such as artificial intelligence, 5G, quantum computing and smart tech are revolutionising industries, including healthcare, manufacturing, and financial services, as well as supporting the development of green technologies to address environmental challenges.  By fostering innovation and entrepreneurship, the gold economy is reshaping societies and promoting inclusivity in both developed and emerging markets. 

The orange economy represents the cultural and creative industries encompassing sectors like the arts, entertainment, fashion, design and architecture. This economy thrives on human creativity and in a globalised, digital world, the demand for creative content has opened new opportunities for designers, artists and entrepreneurs to reach international audiences. 

The silver economy focuses on the needs and opportunities presented by aging populations, a demographic shift occurring in many parts of the world due to longer life expectancies and lower birth rates. This includes industries and services related to healthcare, lifelong learning as well as policies that support older workers’ continued participation in the workforce. The silver economy plays a crucial role in creating a more inclusive society by recognising and valuing the experiences and contributions of older individuals. 

The white economy encompasses healthcare and social care, crucial for societal well-being, especially in the face of global challenges such as aging populations, public health crises and mental health issues.  As global health systems face ever-greater demands and become ever more fragile, the white economy emphasises the need for resilience, and adaptability plays a key role in ensuring societies can effectively respond to current and future health challenges while improving the quality of life for individuals. 

The yellow economy seeks to maximise the potential of desert regions by promoting sustainable development models that address the unique challenges of arid environments, such as extreme temperatures, water scarcity and land degradation. The yellow economy includes sectors such as solar and renewable energy, desert tourism and sustainable agriculture, and seeks to unlock the potential of these vast yet underutilized regions. 

Although the colours of the economy are distinct, they must blend and interact harmoniously to achieve a sustainable global economy. Carsten Beck, key-note speaker from the Copenhagen Institute for Future Studies (CIFS), highlighted the critical role of futures literacy and megatrend analysis in navigating an uncertain future. He stressed that future-oriented discussions must involve all stakeholders, including young people, and that balancing imaginative thinking with data-driven analysis is key to finding the “sweet spot” to best anticipate and prepare for the future.   

Days two and three of the event will focus on strategic foresight, imagining the changing face of the global economy, and the implications for education and skills.   

Torsti explained. “We are looking into the future with our partners.  The inputs gathered from this three-day event will be used with the insights captured by the other ETF ‘Navigating the Future’ events on global education, helping to shape the ETF’s vision for 2040 and beyond.”