‘New economic decade’ could tackle upcoming recessions, Global Future Councils say


Members of the Global Future Councils today discussed the features of a new social and economic decade that could help mitigate the economic challenges the world is currently experiencing and could face in the future.

At the councils’ annual meeting, taking place in Dubai from 16-18 October, and under the Economics and Finance pillar, 7 councils focused on the importance of mobilizing international efforts to build resilient and sustainable economies.

The participants developed a set of recommendations designed to help protect global supply chains amid geopolitical unpredictability. It discussed the best ways to reshape international trade and investment flows to help address economic challenges, such as inflation.

The Future of Advanced Manufacturing and Value Chains Council focused on ways to evolve the advanced manufacturing sector. It explored advanced technologies and applications of the Fourth Industrial Revolution, including their roles in economies. It also reviewed several success stories from around the world. The council discussed the best ways to adapt to supply chain disruptions, recalling lessons from the COVID pandemic.

The Future of Growth Council discussed ways to address economic shocks. Members of the council discussed the need for a new social and economic decade that keeps pace with potential recessions, highlighting how many current global economic policies are not inclusive or sustainable.

The Future of Job Creation Council touched on opportunities to create more job opportunities around the world, including jobs relating to green investments. The council focused on creating job opportunities in both emerging markets and mature economies over the next decade.

The members of the Future of Economics of Equitable Transition Council discussed the need for fair and just economic growth. It reviewed several innovative economic policies.

The members of the Future of Trade and Investment Council discussed ways to boost global economic cooperation, which is critical to trade and investment flows. The participants touched on the importance of adopting policies that cross-border trade and investment.

The Future of Responsive Financial Systems Council discussed a set of mechanisms and solutions to help financial systems operate effectively in the “new normal”.

The Future of Responsible Investment Council touched on the current investment landscape in light of economic challenges and geopolitical tensions. The council stressed the need for structural changes in analysis and risk management systems.