On top of the total loss of freedom, it would be stagnant beyond belief. You think your job is stagnant now? If the Tower led the world, it would be much worse.
For starters, many jobs would be abolished. The entertainment industry would be done away with. We would lose all doctors--the allopathic doctors would be wasting too much time treating people that could be spent in field circus, and natural doctors would not be allowed to waste field circus time developing their natural cures. There would also be no jobs in the holiday industries.
The whole year would be blah. You go from the Big Boasting Session to the Crapmorial to the Grand Boasting Session to the Great Boasting sessions, with normal boasting sessions and field circus filling in all the gaps. There would never be a holiday or birthday that means anything. Children would have their lives so homogenized that it would not be stimulating. Of course, there would be no drugs or smokes to at least break up some of the monotony of field circus all the time.
There would be shortages of things for the media. The news would all be biased in favor of the Watchtower Society--negative things coming from within would not be tolerated. As for music, there are 225 pieces of sxxx that would be allowed. There would be no TV as we know it, since there are only a handful of videos that are allowed. They would trash the Internet except to do business within the Tower, out of reach of the average Witless. All the books and magazines one would be allowed to read would come from the Watchtower Society: any books published by individuals would be banned as possible apostate reasoning. You would end up with a few hundred books all saying the same thing.
Between the tyranny and the stagnation, life under the Watchtower Society would be totally unbearable. People would get killed for trying to create any sense of value in society or trying to bust up the stagnation. Anyone thinking would be killed off. They would have the means of detecting thought crime instantaneously, so no one would be able to develop or spread critical material. And, on top of all that, they would reserve the right to impose everlasting celibacy on me for no reason aside to entertain the hounders.