Challenges and Opportunities in the Post COVID19 World
A new report released by the World Economic Forum aims to provide new perspectives on the future of the post-pandemic world.
The report titled “Challenges and Opportunities in the Post COVID19 World”, comprises of a range of opinions from a geographically diverse set of experts.
Among them the University’s Chancellor Julie Bishop and Regnet’s Professor Anthea Roberts analyse what the future of economic globalisation will look like when the pandemic subsides, in a chapter of the report titled “Geo-politics: Resilient and Sustainable Globalisation”.
According to the authors, the unparalleled and complex situation created by the pandemic, has presented the world with a unique opportunity.
“Economic globalization will continue, but not as before” they write.
“The biggest opportunity presented by COVID-19 is the chance to reset some of our economic approaches in a way that maximizes the chances of developing more resilient and sustainable approaches to globalization.”
In contrast, the biggest risks that lie ahead are the risks of over-correction or under-correction of globalisation in response to COVID-19.
In the first situation, countries run the risk of taking a highly nationalist and protectionist approach, while in the latter, of wrongly adopting a business-as-usual mindset in a completely altered economic world.
“These challenges are significant and need to be addressed. Together they require a response that precludes a return to the pre-pandemic status quo” the authors say.
“Our world will be transformed by this pandemic. Our responses, nationally and internationally, will determine whether we are able to learn from this crisis in order to forge a more resilient and sustainable approach to globalization.”
The Challenges and Opportunities in the Post COVID19 World report is the second of two reports published by the World Economic Forum, aimed at identifying the risks, challenges and opportunities the world is faced with as a result of the COVID19 pandemic.