The highly asymmetrical effects of the pandemic have exacerbated historical inequalities within and between countries, and are now leading to very varied recovery. Technological change has accelerated as a result of the crisis and has contributed to an additional polarization of the labor market. At the same time, the long-term growth prospects remain subdued following the pre-crisis trends. In addition, future shocks will result from marginal risks of unknown probability and impact, for which many governments and societies are currently not well prepared.
The upheavals that societies and the global economy are facing today require an economic transformation of unprecedented depth and scope.
This paper suggests a number of six ways to quickly address these longer-term dynamics while strengthening preparedness for future shocks. It is the result of a series of international, multi-stakeholder dialogues organized by the World Economic Forum’s Center for New Economy and Society and in which the center’s six Global Future Councils were involved.