The theme of the 2021 World Economic Forum’s Davos Agenda was ‘The Great Reset’ and how the world might recover from the effects of Covid-19. Because of the current circumstances, the forum was split into two parts, with a virtual meeting held January 25-29 and an in-person gathering planned for May 13-16, in Singapore.
Each day of the January summit was dedicated to discussing a key area for recovery. On Monday, January 25, the focus was on designing cohesive, sustainable and resilient economic systems. On Tuesday, delegates discussed how to drive responsible industry transformation and growth, while on Wednesday they spoke about enhancing the stewardship of our global commons. Thursday's talks centred on harnessing the technologies of the Fourth Industrial Revolution, and on Friday attendees discussed ways to advance global and regional cooperation.
With the International Labor Organization jobs report, published at the start of the week, stating that at least 225 million jobs vanished worldwide over the past year (four times more than the 2008 global financial crisis) and concerns that vaccine nationalism will see the pandemic continue to ravage many less wealthy nations, much of the talk was around equality and unity.
Christine Lagarde, President of the European Central Bank, spoke in Monday's meeting. ‘Once we’re through to the "second phase" of the 2021 Covid-19 recovery,’ Lagarde said, ‘it is most likely going to be a new economy, which will be associated with positive developments and also with challenges.’ Many advanced economies, she noted, particularly in Europe, have jumped forward in terms of digitalisation, some by up to seven years.
Christine Lagarde, President of the European Central Bank, has called for continued support for the digital-centred, post-pandemic economy. | Credit: Alexandros Michailidis / Shutterstock.com
She added that it is likely that there will be a 20% increase in the amount of people working from home post-pandemic, which will have an impact on many economies, and claimed that technological changes are already having positive effects. She said that it is critical to continue ‘favouring and supporting investment into this new economy’ and that on the fiscal and monetary policy front, authorities will have to stay the course and continue to support. At the same time, investment will have to be focused on laying the ground for a new economy.
Ursula von der Leyen, President of the European Commission (EC), agreed about the increase in digitalisation, and reported that the EU hopes ‘the 2020s can finally be Europe’s Digital Decade’, highlighting a number of investments to boost this process, including the startup scenes in cities such as Sofia and Lisbon.
However, she warned that there is a ‘darker side of the digital world,’ noting the assault on Capitol Hill in the US and making clear that ‘The immense power of the big digital companies must be contained. She spoke of the EC's plans ‘to make internet companies take responsibility for content, from dissemination to promotion and removal, and highlighted the Commission’s new rulebooks, the Digital Services Act and the Digital Markets Act.
Ursula von der Leyen, President of the European Commission, believes the 2020s can be Europe’s ‘Digital Decade’. | Credit: John Smith Williams / Shutterstock.com
She invited the US to work together to: ‘Create a digital economy rulebook that is valid worldwide: it goes from data protection and privacy to the security of critical infrastructure. A body of rules based on our values: Human rights and pluralism, inclusion and the protection of privacy.’
Marc Benioff, Salesforce CEO, made a noteworthy intervention in his panel discussion, claiming, ‘There has been a mantra for too long that the business of business is business, but today the business of business is improving the state of the world.’ He added that, while there were many CEOs who had been ‘bad actors,’ others had used their considerable resources to help fight the pandemic.
Many speakers noted a shift towards sustainability in investments, with others demanding more change and faster. Of the latter, Mark Carney, Special Envoy for Climate Action and Finance to the UN, said bluntly, ‘if you are part of the private financial sector and you are not part of the solution […] you will have made the conscious decision not to be aligned to net zero […] if you’re not in, you’re out because you chose to be out.’
It could be concluded that there was a great deal to feel positive about, but the circumstances are difficult. Now we will see whether the attendees of the World Economic Forum can deliver on their inspiring rhetoric.
A year after the world was put on alert about the rapidly spreading covid-19 virus, mass vaccination programmes are providing a welcome light at the end of the tunnel.
However, for many people vaccination remains a concern. A World Economic Forum – Ipsos survey: Global Attitudes on a Covid-19 Vaccine, indicates that while an increasing number of people in the US and UK plan to get vaccinated, the intent has dropped in South Africa, France, Japan and South Korea. The survey was conducted in December 2020, following the first vaccinations in the US and the UK.
This study shows that overall vaccination intent is below 50% in France and Russia. ‘Strong intent’ is below 15% in Japan, France and Russia.
Many cities are still in lockdown
Between 57% and 80% of those surveyed cited concerns over side effects as a reason for not getting a covid-19 vaccination. Doubts over the effectiveness of a vaccine was the second most common reason cited in many countries, while opposition to vaccines in general was mentioned by around 25% those who will refuse a vaccination.
The survey was conducted among 13,542 adults aged 18–74 in Canada, South Africa, and the US, while those surveyed in Australia, Brazil, China, France, Germany, Italy, Japan, Mexico, Russia, South Korea, Spain and the UK were aged 16–74.
A previous survey, Global Attitudes on a Covid-19 Vaccine carried out in July and August 2020, indicated that 74% of those surveyed intended to get vaccinated. At that time the World Economic Forum said that this majority could still fall short of the number required to ‘beat covid-19.’
Commenting on the newest data Arnaud Bernaert, Head of Health and Healthcare at the World Economic Forum said; ‘As vaccinations roll out, it is encouraging to see confidence improve most in countries where vaccines are already made available. It is critical that governments and the private sector come together to build confidence and ensure that manufacturing capacity meets the global demand.’
World Economic Forum-Ipsos Survey indicates a rise in number of people in US and UK intending to get vaccinated.
With the imperative now to move towards some sort of ‘normality’, as well as getting economies moving, fears over vaccination need to be allayed. However, what also needs to be considered is what underlies those fears. Misinformation, no doubt, has a part to play. This highlights a lack of trust in governments and a sector that has worked tirelessly to develop vaccines in record time.
As different companies bring their vaccines to the market, care now needs to be taken to reassure people around the world that whichever manufacturer’s vaccine they are given, they are in safe hands. As any adverse reactions occur – an inevitability with any vaccine rollout – these ought to be made known to the wider public by companies and governments as soon as it is feasible, preventing space for the spread of rumour and misinformation, which could undo the hard work of the scientists, businesses and governments bringing vaccines to the public.
Researchers have worked tirelessly to bring vaccines to the market