WEF22 discussion - Bolstering resilience ahead of future emergencies Absa | Corporate and Investment Banking > Insights and Events > WEF22 discussion – Bolstering resilience ahead of future emergencies SHARE A report by ‘The Money Show’ Following the Covid-19 pandemic, multiple crises have risen around the globe which presents world leaders with the task of finding short-term solutions while bolstering resilience ahead of future emergencies. A worldwide microchip shortage, climate change and global food and energy crises are just a few of the issues that the world faces while recovering from two years of Covid-19-related challenges. Are we resilient enough to overcome these issues? Economic resilience refers to an economy’s ability to financially adapt and recover from an unexpected disruption, preventing economic crashes and bankruptcy. This was a major topic of discussion on Day 2 of the World Economic Forum in Davos, as panellists gave insight into the importance of having high-level resilience in place to ensure economic security in future. The complications arise when trying to plan exactly how to implement practices that will improve economic and social resilience without exceeding financial limitations. Preparation for the unexpected, but also the unlikely, is difficult to vouch for in today’s economic climate, says Roy Gori, CEO of Canadian insurance company, Manulife Financial. “It’s incredibly complex because the likelihood of these disruptions are very low, while the investment to deal with those disruptions can be very, very high” he explains. “It’s often very hard to justify investments that may be necessary for an event that may not occur.” Others pointed out that building personal resilience within an employee base can contribute to corporate resilience, in turn, contributing to economic resilience. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation encourages collaboration and communication among the leaders of the world with regards to resilience and taking measures to properly support this aspect. “Resilience means that we all have to survive together and sustain together. To do that, you cannot have resilience unless you have global solidarity.” For more coverage of key conversations during #WEF22, please keep an eye on our LinkedIn and Twitter pages. Disclaimer: The views and opinions expressed in this article are not the views of Absa. https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles RISK MANAGEMENT Efficient and Secure Cash Management Solutions for Today’s Business Innovative, secure and efficient Collections, Payments, Liquidity Management and Channel solutions that drive efficiencies. Read more Podcasts Rate cuts and rand strength Could long-term trends around interest rate differentials bring a stronger currency our way? Find out in this episode of our Coffee Break Commerce podcast. RISK MANAGEMENT Your Guide to Stablecoins: From Volatile Markets to Strategic Treasury Tools in Africa African corporate treasurers and bank liquidity managers know all too well the delicate and daily balancing act of managing cash in an unpredictable environment. One day the local currency is sliding, the next day a cross-border payment is in transit. Read more