As governments worldwide began to ease their Covid policies over the course of 2021, many in advanced economies spoke about a 'new normal', or desire to 'build back better'. The theory was that the crisis was over, and if we were to take anything positive out of a dire event, it was that we could rebuild in a more equitable, sustainable, and just way.
As it goes, the news cycle shows us stumbling from one global crisis to another, with war in mainland Europe overlapping with erupting violence in the Middle East. National debt, inflation, and tax burdens remain vast as countries, still recovering from the economic body blows of their pandemic restrictions, fund and aid their allies in armed conflict, and absorb the impact of trade disruption.
Even if businesses or markets crave stability, they will be quite accustomed to unpredictability. That might be especially true in 2024, when half of the world's population will be seeing
elections. That includes general elections in IR Global members' home countries like the US, the UK, Mexico, and Mauritius. Not to mention state, legislative, or local elections in Portugal, Australia, Malta, Poland, and Germany.
What is the response?
It is a myth that the Chinese word for 'crisis' is the same as the word for 'opportunity', but it may be a useful attitude nonetheless. We can't do anything about global events, but we can control how we respond. So, what is there to navigate in 2024? ESG is high on the agenda, with business practices and environmental impact under the close scrutiny of legislators and customers. It takes a great deal of effort to ensure that environmental damage is minimal, social impact is positive, and corporate governance is unimpeachable. Yet, investing in those goals pays dividends.
Attitudes to AI range from casual dismissal to existential dread, policymakers are still trying to legislate for it, and businesses are attempting to harness it, all while the nature of what 'it' is changes almost daily. Establishing a strategy in that context is tremendously difficult, but promises incredible competitive advantages.
The 'new normal' that people had initially envisioned was a world of flexibility, when we worked how we wanted and where we wanted. However, not every business has found hybrid work to its liking, and inflation has undermined the dream of many digital nomads. Businesses want to attract talent and countries want to attract entrepreneurs and investors, and finding a way to do so affordably can unlock much-desired growth.
To use a cliché, 'Change is the only constant'. Certainty might always be preferable, but it is seldom realistic. In the following chapters, IR Global members offer their unique and deeply qualified perspectives on the challenges at present and in the near future.
To read the publication in full visit our website - https://irglobal.com/publications/the-visionaries-march-2024/
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