What changes to economic systems will 2021 bring? Here’s what business leaders say
With more than 2 million COVID-19 deaths worldwide and rising, getting the virus under control is a top priority for 2021.
However, full recovery is dependent not only on addressing the health crisis, but also the long-term economic impacts – and in an equitable, inclusive and sustainable way.
“Facing the ongoing public health crisis of COVID-19 and the pandemic’s lasting effects on the global economy, policy-makers around the world must take this moment to reflect not just on the immediate recovery, but on how this time can be used to transform their economic systems,” wrote the Forum’s Managing Director Saadia Zahidi.
‘We need to put the community at the centre’
JJ Davis, Senior Vice-President, Corporate Affairs, Dell Technologies New hybrid working and learning environments Image: REUTERS/Raneen Sawafta
In 2021, I expect we’ll see investments in emerging technologies like next generation 5G wireless communications technology narrow the digital divide. But extending digital access will also require us to drive beyond digital literacy skills - adapting education, skilling and workforce development to match the emerging and future in-demand skills accelerated by the pandemic.
We’ll also see collaborative tools leveraging AI and cloud support new hybrid working and learning environments. And healthcare technology will continue to help us predict, detect and mediate global health challenges. We need to put the community at the centre, with governments, non-profit organizations, public and the private sectors working together to shape a world that is more c
But the battle to contain the spread led to the shutting of borders and the prioritization of self-sufficiency. The pandemic has widened political and social divisions, while throwing economies into disarray, requiring national responses that have sometimes been at odds with the global purpose.
The World Economic Forum Global Risks Report 2021, reveals how the crisis has challenged national policy-making and international relations in ways that threaten lasting impacts. Institutions and policies to support international coordination were already in decline, and responses to the pandemic have caused new geopolitical tensions. “With new stalemates and flashpoints in view, GRPS respondents rated ‘state collapse’ and ‘multilateralism collapse’ as critical threats over the next five to ten years.”