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Davos 2024: Responding to Global Changes with Resilience and Sustainability

1/15/2024
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This year's World Economic Forum Annual Meeting in Davos, Switzerland revolves around the pivotal theme of “Rebuilding Trust” amidst a period of "permacrisis" – a prolonged era marked by instability and uncertainty, stemming from the aftermath of the COVID-19 pandemic and the war in Ukraine. Government and business leaders will convene to deliberate on tackling geopolitical challenges, creating jobs and growth for a new era, leveraging Artificial Intelligence (AI) for social benefit and developing a long-term strategy for climate, nature and energy.

Euromonitor International’s data and insights help businesses and organisations navigate the fast-evolving economic and environmental landscapes. Below is a summary of our key content, focussing on two vital responses to today’s transforming world: building resilience and fostering sustainability.

Building Resilience in a New Economic Reality

New Economic Reality: Implications and Strategies for Business

The extraordinary global disruptions over the last few years have led to the rise of a new economic reality that is shaping today’s consumption and business outcomes. The global economy is entering a period of slower growth and inflation, while energy pressures, rising cost of capital, tight labour market, geopolitical risks and a reset of globalisation are adding challenges and uncertainties. Understanding the major shifts in the global economic environment will help businesses to navigate uncertain times with proactive strategies to enhance resiliency and drive growth.

New Economic Reality: Identifying Opportunities as Geopolitics Transform Globalisation

Globalisation has boosted global growth and facilitated the rise of emerging markets. Yet, the shifting global economic balance of power has increasingly led to political backlash, trade conflicts and protectionism. The COVID-19 pandemic and war in Ukraine have greatly exacerbated existing geopolitical tensions, leading to an increasing fragmentation and reorganisation of the global economy. Therefore, businesses need to adjust strategies to mitigate risks and seize new opportunities.

Graph showing Share of GDP by country group

Global Energy Vulnerability Index: Unveiling Risks and Opportunities

As the world’s energy landscape is undergoing a significant transformation, countries around the globe are striving to secure reliable and sustainable energy supply. In this quest for energy security, several critical factors come into play, including the level of energy self-sufficiency, adoption of renewables and energy efficiency, the state of energy infrastructure, and economic resilience. By evaluating these factors, Euromonitor International’s Global Energy Vulnerability Index aims to assess individual countries’ exposure to energy shocks, marking the challenges they face and the opportunities they can seize to enhance their energy security.

Chart showing Global Energy Vulnerability Index

Fostering a Sustainable World

Key Trends Shaping the Sustainability Agenda in 2024

As we step into 2024, corporate sustainability landscape is quickly evolving, transitioning from a 'nice-to-have' into an absolute business imperative, as corporates are bracing for a new era of stringent transparency and regulatory scrutiny. Amidst heightened scrutiny from both consumers and regulators keen to spot greenwashing, the demand for authentic corporate accountability is louder than ever. Therefore, businesses are breaking away from traditional thinking, no longer viewing sustainability as a burdensome obligation but rather as a long-term catalyst for cost-efficiency.

Chart showing corporate sustainabity reports by type

Voice of the Industry: Sustainability Survey 2023 Key Insights

Amid the cost-of-living crisis, geopolitical tensions, and climate disasters, sustainability gains momentum, compelling action from both businesses and governments. As stakeholders, especially governments, exert greater influence, the urgency for climate-conscious measures has intensified, thrusting sustainability into sharper focus. In this context, the integration and effective execution of sustainable strategies by corporations take centre stage.

Affordable Sustainability: Embracing Sustainable Living on a Budget

The affordable sustainability dilemma has been present for years, yet in 2023, it has gained relevance as the cost-of-living crisis has limited sustainability adoption. Consumers are highly concerned about climate change and are willing to protect the planet. They want to embrace sustainable lifestyles, yet premium prices are still limiting wider adoption. Affordable sustainability initiatives amid economic challenges can unleash market performance.Chart showing market size growth

Visit our Economy and Sustainability pages for further insights into building resilience and sustainability strategies.

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