Tag Archives: World Economic Forum

World Economic Forum EDISON Alliance Speeding Global Digital Inclusion

World Economic Forum’s EDISON Alliance Impacts Over 1 Billion Lives, Accelerating Global Digital Inclusion.

  • The EDISON Alliance has connected over 1 billion people globally to essential digital services like healthcare, education and finance through a network of 200+ partners in over 100 countries.
  • Investments in bridging the universal digital divide could bring $8.7 trillion usd/ $11.7 trillion cad in benefits to developing countries, home to more than 70% of the Alliance’s beneficiaries.
  • The Alliance’s 300+ partner initiatives, including digital dispensaries in India, economy digitalization programmes in Rwanda and blended learning in Bangladesh, continue to shape a digitally equitable society.
  • Follow the Sustainable Development Impact Meetings 2024 here and on social media using #SDIM24.

New York, USA, September 2024 – The EDISON Alliance, a World Economic Forum initiative, has successfully connected over 1 billion people globally – ahead of its initial 2025 target – to essential digital services in healthcare, education and finance in over 100 countries. Since its launch in 2021, the Alliance has united a diverse network of 200+ partners from the public and private sectors, academia and civil society to create innovative solutions for digital inclusion.


Despite living in a digitally connected world, 2.6 billion people are currently not connected to the internet.

This digital exclusion impacts access to healthcare, financial services and education, contributing to significant economic costs for both the individuals involved and their countries’ economies.

Klaus Schwab- German mechanical engineer, economist and founder of the World Economic Forum.


“Ensuring universal access to the digital world is not merely about connectivity, but a fundamental pillar of equality and opportunity,” said Klaus Schwab, Founder and Chairman of the World Economic Forum. “Let us reaffirm our commitment to ensuring that every individual, regardless of their geographic or socioeconomic status, has access to meaningful connectivity.”

The Alliance has made substantial progress in South Asia and Africa.

In Madya Pradesh, India, The EDISON Alliance fostered the Digital Dispensaries initiative, a collaboration between the Apollo Hospitals Group and a US telecom infrastructure provider. This partnership has successfully delivered quality and affordable healthcare, improving patient engagement, addressing gender health disparities and optimizing patient convenience, and making it a scalable model for delivering patient-centric healthcare through digital solutions. Other partner projects improved digital access through economy digitalization programmes in Rwanda, provided solutions for bridging the education gap in Bangladesh with blended learning techniques and explored solutions to reduce financial exclusion in Pakistan.



“Everybody, no matter where they were born or where they live, should have access to the digital services that are essential for life in the 21st century,” said Hans Vestberg, Chair of the EDISON Alliance, Chairman and CEO of Verizon. “Making sure that everybody can get online is too big a challenge for any one company or government, so the EDISON Alliance brings people together to find practical, community-based solutions that can scale globally.”

By driving digital inclusion through its 300+ partner initiatives, the Alliance contributes to unlocking the immense potential of the digital economy. Achieving universal internet access by 2030 could require $446 billion usd/ $600 billion cad, but would yield $8.7 trillion usd/ $11.7 trillion cad in benefits for developing countries. This highlights the significant potential of digital inclusion to drive economic growth and improve lives. The EDISON Alliance has made substantial contributions to this goal, with over 70% of its impact concentrated in developing nations.

The milestone of connecting 1 billion lives was initially targeted for 2025.

Achieving this ahead of schedule demonstrates the effectiveness of its partners, through collaboration and targeted projects, in bridging the digital divide and providing access to critical services to underserved communities.

Beyond digital access, the rapidly evolving technological landscape – marked by such advancements as artificial intelligence, presents opportunities and challenges. The EDISON Alliance remains committed to ensuring that marginalized communities can fully benefit from these developments and avoid being left behind. As technology continues to advance, the Alliance will focus on expanding digital access, fostering innovation and addressing the digital gender gap to create a more inclusive digital future.

About the Sustainable Impact Meetings 2024


The Sustainable Development Impact Meetings 2024 are being held this week in New York. Over 1,000 global leaders from diverse sectors and geographies will come together to assess and renew global action around the United Nations Sustainable Development Goals (SDGs) through a series of impact-oriented multistakeholder dialogues. The meetings are an integral part of the Forum’s year-round work on sustainable development and its progress.

Top Ten Emerging Technologies Set To Change World

Dalian, People’s Republic of China, June 2024 – The World Economic Forum announces today the publication of its annual Top 10 Emerging Technologies Report featuring technologies with the greatest potential to make a positive impact in the world in the next three to five years.

“Organizations make better choices when they understand the factors shaping the future. The report identifies technologies poised to significantly influence societies and economies,” said Jeremy Jurgens, Managing Director, World Economic Forum and Head of the Centre for the Fourth Industrial Revolution. “It also spotlights technologies with immense potential for revolutionizing connectivity, addressing the urgent challenges of climate change and driving innovation across various fields.”

“Drawing on the expertise of Frontiers’ Chief Field Editors worldwide brings our shared commitment to transformative science into clear focus, bringing insight and clarity to breakthrough technology that has the ability to change societies, economies, and lives for the better,” said Frederick Fenter, Chief Executive Editor, Frontiers. “This is open science in action and we are delighted to partner with the World Economic Forum in bringing these technologies to the attention of business, science and political leaders across the globe.”

The Top 10 Emerging Technologies of 2024 are:

  1. AI for scientific discovery: While artificial intelligence (AI) has been used in research for many years, advances in deep learning, generative AI and foundation models are revolutionizing the scientific discovery process. AI will enable researchers to make unprecedented connections and advancements in understanding diseases, proposing new materials, and enhancing knowledge of the human body and mind​​.
     
  2. Privacy-enhancing technologies: Protecting personal privacy while providing new opportunities for global data sharing and collaboration, “synthetic data” is set to transform how information is handled with powerful applications in health-related research.
     
  3. Reconfigurable intelligent surfaces: These innovative surfaces turn ordinary walls and surfaces into intelligent components for wireless communication while enhancing energy efficiency in wireless networks. They hold promise for numerous applications, from smart factories to vehicular networks​​.
     
  4. High-altitude platform stations: Using aircraft, blimps and balloons, these systems can extend mobile network access to remote regions, helping bridge the digital divide for over 2.6 billion people worldwide​​. 
     
  5. Integrated sensing and communication: The advent of 6G networks facilitates simultaneous data collection (sensing) and transmission (communication). This enables environmental monitoring systems that help in smart agriculture, environmental conservation and urban planning. Integrated sensing and communication devices also promise to reduce energy and silicon consumption.
     
  6. Immersive technology for the built world: Combining computing power with virtual and augmented reality, these technologies promise rapid improvements in infrastructure and daily systems​. This technology allows designers and construction professionals to check for correspondence between physical and digital models, ensuring accuracy and safety and advancing sustainability.
     
  7. Elastocalorics: As global temperatures rise, the need for cooling solutions is set to soar. Offering higher efficiency and lower energy use, elastocalorics release and absorb heat under mechanical stress, presenting a sustainable alternative to current technologies.
     
  8. Carbon-capturing microbes: Engineered organisms convert emissions into valuable products like biofuels, providing a promising approach to mitigating climate change.
     
  9. Alternative livestock feeds: protein feeds for livestock sourced from single-cell proteins, algae and food waste could offer a sustainable solution for the agricultural industry.
     
  10. Genomics for transplants: The successful implantation of genetically engineered organs into a human marks a significant advancement in healthcare, offering hope to millions awaiting transplants.

About the Top 10 Emerging Technologies Report
The Top 10 Emerging Technologies Report, now in its 12th edition, serves as a vital source of strategic intelligence for professionals. Drawing on insights from scientists, researchers and futurists, the report identifies 10 technologies poised to significantly influence societies and economies.
In addition to promising major benefits to societies and economies, these emerging technologies must also be disruptive, attractive to investors and researchers, and expected to achieve considerable scale within five years.

This year’s edition introduced an innovative trend analysis methodology, incorporating academic literature, funding trends and patent filings, to ensure the accuracy and relevance of the selected technologies. The technologies featured in the report, produced in collaboration with Frontiers, were identified through a rigorous selection process involving over 300 world-leading academics and experts from the Forum’s Global Future Councils, the University and Research Network, the Frontiers network comprising over 2,000 chief editors worldwide from top institutions, and Mariette di Christina and Bernard Meyerson, Co-Chairs of the Emerging Technologies Steering Group.

World Economic Forum- Why Experts Expect Global Growth

82% of chief economists expect the global economy to remain stable or strengthen this year – almost twice as many as in late 2023
Over two-thirds predict a sustained rebound of global growth, driven by technological transformation, artificial intelligence and the green transition.
There is near-unanimity that geopolitics and domestic politics will drive economic volatility this year. Read the May 2024 Chief Economist Outlook here

Geneva, Switzerland,May 2024 – The latest Chief Economists Outlook released today presents a growing sense of cautious optimism about the global economy in 2024. More than eight in ten chief economists expect the global economy to either strengthen or remain stable this year – nearly double the proportion in the previous report. The share of those predicting a downturn in global conditions declined from 56% in January to 17%.
 
But geopolitical and domestic political tensions cloud the horizon. Some 97% of respondents anticipate that geopolitics will contribute to global economic volatility this year. A further 83% said domestic politics will be a source of volatility in 2024, a year when nearly half the world’s population is voting.
 
“The latest Chief Economists Outlook points to welcome but tentative signs of improvement in the global economic climate,” said Saadia Zahidi, Managing Director, World Economic Forum. “This underscores the increasingly complex landscape that leaders are navigating. There is an urgent need for policy-making that not only looks to revive the engines of the global economy but also seeks to put in place the foundations of more inclusive, sustainable and resilient growth.”
 
Regional variations
 
Growth expectations have improved, though unevenly, across the globe. The survey reveals a significant boost in the outlook for the United States, where nearly all chief economists (97%) now expect moderate to strong growth this year, up from 59% in January.
 
Asian economies also appear robust, with all respondents projecting at least moderate growth in the South Asia and East Asia and Pacific regions. Expectations for China are slightly less optimistic, with three-quarters expecting moderate growth and only 4% predicting strong growth this year.
 
By contrast, the outlook for Europe remains gloomy, with nearly 70% of economists predicting weak growth for the remainder of 2024. Other regions are expected to experience broadly moderate growth, with a slight improvement since the previous survey.



A challenging landscape for decision-makers
 
The latest survey highlights the escalating challenges confronting businesses and policy-makers. Tensions between political and economic dynamics will be a growing challenge for decision-makers this year, according to 86% of respondents, while 79% expect heightened complexity to weigh on decision-making.
 
Among the factors expected to affect corporate decision-making are the overall health of the global economy (cited by 100%), monetary policy (86%), financial markets (86%), labour market conditions (79%), geopolitics (86%) and domestic politics (71%). Notably, 73% of economists believe that companies’ growth objectives will drive decision-making, almost double the proportion that cited the role of companies’ environmental and social goals (37%).
 
Long-term prospects and priorities
 
Most chief economists are upbeat about the prospects for a sustained rebound in global growth, with nearly 70% expecting a return to 4% growth in the next five years (42% within three years). In high-income countries, they expect growth to be driven by technological transformation, artificial intelligence, and the green and energy transition. However, opinions are divided on the impact of these factors in low-income economies. There is greater consensus on the factors that will be a drag on growth, with geopolitics, domestic politics, debt levels, climate change and social polarization expected to dampen growth in both high- and low-income economies.



In terms of the policy levers most likely to foster growth in the next five years, the most important across the board are innovation, infrastructure development, monetary policy, and education and skills. Low-income economies are seen as having more to gain from interventions relating to institutions, social services and access to finance compared to high-income economies. There is a notable lack of consensus on the impact for growth of environmental and industrial policies.
 
About the Chief Economists Outlook Report
The Chief Economists Outlook builds on the latest policy development research as well as consultations and surveys with leading chief economists from both the public and private sectors, organized by the World Economic Forum’s Centre for the New Economy and Society. It aims to summarize the emerging contours of the current economic environment and identify priorities for further action by policy-makers and business leaders in response to the compounding shocks to the global economy. The survey featured in this briefing was conducted in April 2024.
 
The Chief Economists Outlook supports the World Economic Forum’s Future of Growth Initiative, a two-year campaign aimed at inspiring discussion and action on charting new pathways for economic growth and supporting policy-makers in balancing growth, innovation, inclusion, sustainability and resilience goals. Learn more about the Future of Growth Initiative here.
The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas. (www.weforum.org).

Tourism is Back to Pre-Pandemic Levels, but Challenges Remain

Developing countries (in terms of their income economies) such as Africa are also seeing gains.

High-income economies in Europe and Asia-Pacific continue to lead the World Economic Forum Travel and Tourism Index, with the United States, Spain and Japan topping the rankings again. Despite post-pandemic growth, the global tourism sector still faces complex challenges, with recovery varied by region; only marginal overall score improvements since the 2021 edition. Developing economies are making strides – who account for 52 out of 71 economies improving since 2019 – but significant investment is needed to bridge gaps and increase market share.

New York, USA, May 2024 – International tourist arrivals and the travel and tourism sector’s contribution to global GDP are expected to return to pre-pandemic levels this year, driven by the lifting of COVID-19-related travel restrictions and strong pent-up demand, as per the new World Economic Forum travel and tourism study, released today.  

Topping the 2024 list of economies are the United States, Spain, Japan, France and Australia. The Middle East had the highest recovery rates in international tourist arrivals (20% above the 2019 level), while Europe, Africa and the Americas all showed a strong recovery of around 90% in 2023.

These are some of the top findings of the Travel & Tourism Development Index 2024 (TTDI), a biennial report published in collaboration with the University of Surrey, which analyses the travel and tourism sectors of 119 countries around a range of factors and policies.

“This year marks a turning point for the travel and tourism sector, which we know has the capacity to unlock growth and serve communities through economic and social transformation,” said Francisco Betti, Head of the Global Industries team at the World Economic Forum. “The TTDI offers a forward-looking window into the current and future state of travel and tourism for leaders to navigate the latest trends in this complex sector and sustainably unlock its potential for communities and countries across the world.”

Post-pandemic recovery
The global tourism industry is expected to recover from the lows of the COVID-19 pandemic and surpass the levels seen before the crisis. This is largely being driven by a significant increase in demand worldwide, which has coincided with more available flights, better international openness, and increased interest and investment in natural and cultural attractions.
 
However, the global recovery has been mixed. While 71 of the 119 ranked economies increased their scores since 2019, the average index score is just 0.7% above pre-pandemic levels.
 
Although the sector has moved past the shock of the global health crisis, it continues to deal with other external challenges, from growing macroeconomic, geopolitical and environmental risks, to increased scrutiny of its sustainability practices and the impact of new digital technologies, such as big data and artificial intelligence. In addition, labour shortages are ongoing, and air route capacity, capital investment, productivity and other sector supply factors have not kept up with the increase in demand. This imbalance, worsened by global inflation, has increased prices and service issues.
  
TTDI 2024 highlights
Out of the top 30 index scorers in 2024, 26 are high-income economies, 19 are based in Europe, seven are in Asia-Pacific, three are in the Americas and one (the United Arab Emirates) is in the Middle East and North Africa region (MENA). The top 10 countries in the 2024 edition are the United States, Spain, Japan, France, Australia, Germany, the United Kingdom, China, Italy and Switzerland.

The results highlight that high-income economies generally continue to have more favourable conditions for travel and tourism development. This is helped by conducive business environments, dynamic labour markets, open travel policies, strong transport and tourism infrastructure, and well-developed natural, cultural and non-leisure attractions.

Nevertheless, developing countries have seen some of the greatest improvements in recent years. Among the upper-middle-income economies, China has cemented its ranking in the top 10; major emerging travel and tourism destinations of Indonesia, Brazil and Türkiye have joined China in the top quartile of the rankings. More broadly, low- to upper-middle-income economies account for over 70% of countries that have improved their scores since 2019, while MENA and sub-Saharan Africa are among the most improved regions. Saudi Arabia and the UAE are the only high-income economies to rank among the top 10 most improved economies between 2019 and 2024.

Despite these strides, the TTDI warns that significant investment is needed to close gaps in enabling conditions and market share between developing and high-income countries. One possible pathway to help achieve this would be sustainably leveraging natural and cultural assets – which are less correlated with country income level than other factors – and can offer developing economies an opportunity for tourism-led economic development.

“It’s essential to bridge the divide between differing economies’ ability to build a strong environment for their travel and tourism sector to thrive,” said Iis Tussyadiah, Professor and Head of the School of Hospitality and Tourism Management at the University of Surrey. “The sector has big potential to foster prosperity and mitigate global risks, but that potential can only be fully realized through a strategic and inclusive approach.”  
Mitigating future global challenges
According to the World Economic Forum’s 2024 Global Risks Report, the travel and tourism sector faces various complex risks, including geopolitical uncertainties, economic fluctuations, inflation and extreme weather. Balancing growth with sustainability also remains a major problem, due to high seasonality, overcrowding, and a likely return of pre-pandemic emissions levels. The report also analyses persistent concerns about equity and inclusion. While the tourism sector offers a major source of relatively high-wage jobs, particularly in developing countries, gender parity remains a major issue for regions such as MENA and South Asia.
 
Despite these challenges, the sector can play a significant role in addressing them. To achieve this, decision-makers should prioritize actions such as leveraging tourism for nature conservation efforts; investing in skilled, inclusive and resilient workforces; strategically managing visitor behaviour and infrastructure development; encouraging cultural exchange between visitors and local communities; and using the sector to bridge the digital divide, among other policies.
 
If managed strategically, the travel and tourism sector – which has historically represented 10% of global GDP and employment – has the potential to emerge as a key contributor to the well-being and prosperity of communities worldwide.
 
About the Travel and Tourism Development Index 2024
The 2024 edition of the TTDI includes several improvements based on newly available data and recently developed indicators on the environmental and social impact of travel and tourism. The changes made to the 2024 Index limit its comparability to the previously published TTDI 2021. This year’s report includes recalculated 2019 and 2021 results, using new adjustments. TTDI 2024 reflects the latest available data at the time of collection – end of 2023. The TTDI is part of the Forum’s broader work with industry communities actively working to build a better future enabled by sustainable, inclusive, and resilient industry ecosystems.

One year ago- The pandemic had all but decimated the tourism industry in South Africa

Former Canada Finance Minister’s Thank-You Letter to WEF Suggests More Collaboration Than Disclosed

Former Finance Minister’s Thank-You Letter to WEF Suggests More Collaboration Than Disclosed
A press photographer works next to the logo of the World Economic Forum (WEF) at the opening of their annual meeting in Davos on Jan. 15, 2024. (Fabrice Coffrini/AFP via Getty Images)
Noé Chartier

By our friends at Epoch Times/ Noé Chartier

Close interactions between Canadian cabinet ministers and the World Economic Forum are well-documented, but a newly revealed letter suggests forum staff may have been doing more work with the federal government than previously disclosed.

In an undated letter to a WEF official, former Finance Minister Bill Morneau praised the organization and its collaboration to achieve “common” objectives.

“I would also like to take this opportunity to express my sincere appreciation to the WEF staff, for the support provided to the Government of Canada,” wrote Mr. Morneau in the letter obtained through the access-to-information regime.

Neither the WEF nor the Canadian government typically advertise what support the forum provides. The finance department has not replied to a request for information about the date of the letter and details of how WEF staff helped the government.

The letter was addressed to Philipp Rösler, a former German politician who served as a WEF manager and head of its Centre for Regional Strategies.

The federal government is known to have been involved in at least two WEF policy initiatives: the Known Traveller Digital Identification (KTDI) project and the Agile Nations network.

Poilievre Reaffirms Ban on WEF Ties in Conservative Party, Calls Davos Crowd ‘Hypocrites’

John Robson: The Feds’ Green Dreams Touted at WEF Are Detached From Reality

KTDI was a pilot project between Canada, the Netherlands, and private sector interests to develop a system of digital credentials for airplane travel between countries. Agile Nations is a group of countries working to streamline regulations to usher in the WEF-promoted “Fourth Industrial Revolution” that includes gene editing and artificial intelligence.

KTDI began in 2018, and Canada signed onto Agile Nations in November 2020, a few months after Mr. Morneau resigned during the WeCharity scandal. Both projects were worked on while Mr. Morneau was finance minister from 2015 to 2020.

Since both these projects fell outside of Mr. Morneau’s portfolio as finance minister, it seems to suggest that his letter of appreciation to the WEF was referring to other joint collaborations.

Canada's then-minister of Finance Bill Morneau speaks to the Canadian Club of Canada in Toronto, on March 6, 2020. (Cole Burston/The Canadian Press)
Canada’s then-minister of Finance Bill Morneau speaks to the Canadian Club of Canada in Toronto, on March 6, 2020. (Cole Burston/The Canadian Press)

The WEF’s mission statement says it is dedicated to “improving the state of the world.” It gathers leaders in the fields of politics, business, and activism to promote progressive policies on issues like climate change and making capitalism more “inclusive.” As is routine with the organization, it did not respond to requests for comment.

Critics of the WEF, which gathers world elites to shape global policies, often disagree with its progressive agenda and warn about its influence on countries.

“No staff, no ministers, no MPs in my caucus will be involved whatsoever in that organization,” Conservative Party Leader Pierre Poilievre said in January.

He added that officials who attend the forum’s annual meeting in Davos are “high flying, high tax, high carbon hypocrites” who travel in private jets while telling average citizens not to “heat their homes or drive their pickup trucks.”

Alberta Premier Danielle Smith has also criticized the WEF, saying in 2022 she finds it “distasteful when billionaires brag about how much control they have over political leaders, as the head of that organization has.”

Ms. Smith was likely referring to comments made by WEF founder and chairman Klaus Schwab in 2017, when he said said he was “very proud” to “penetrate the cabinets” of world governments, including that of Prime Minister Justin Trudeau.

“I know that half of his cabinet or even more than half of his cabinet are actually Young Global Leaders of the World Economic Forum,” Mr. Schwab told an audience at Harvard University.

WEF founder Klaus Schwab delivers a speech during the "Crystal Award" ceremony at the World Economic Forum annual meeting in Davos, on Jan. 16, 2023. (Fabrice Coffrini/AFP via Getty Images)
WEF founder Klaus Schwab delivers a speech during the “Crystal Award” ceremony at the World Economic Forum annual meeting in Davos, on Jan. 16, 2023. (Fabrice Coffrini/AFP via Getty Images)

Davos Links

Mr. Morneau’s letter to the WEF comes from internal Finance Department records and is the only document in the release package that pertains to Mr. Morneau. It consists mostly of praise for the organization.

“As a Steward of Economic Growth and Social Inclusion, I have had the privilege of observing first-hand and benefiting from the WEF’s important contributions to foster public and private collaboration towards developing concrete solutions for strong, broad-based economic growth,” he wrote, adding that WEF analysis of different topics such as “structural reform priorities” was “helpful to develop substantive policy measures.”

He wrote that “as we enter another ambitious year for the WEF, I look forward to a continued fruitful collaboration to pursue our common objective of achieving stronger, sustainable and more inclusive growth.”

Other department records relate to current Finance Minister Chrystia Freeland and her involvement with the WEF. She is a board member of the forum and also an alumnus of the Young Global Leaders program that Mr. Schwab referenced.

Mr. Morneau, who resigned as minister in 2020, is listed on the WEF website as an “agenda contributor“ and a ”digital member.” He was a regular participant at the group’s annual meetings in Davos, Switzerland, while he was in office.

During those years, the Finance Department’s media relations office wasn’t shy about advertising ministerial trips to Davos.

“Canada’s strong presence at the Forum underscores the importance of this meeting for shaping the international agenda and advancing economic opportunities for Canadians,” read a January 2020 press release from the department announcing Mr. Morneau’s trip.

The Finance Department has not returned inquiries in recent years pertaining to Ms. Freeland’s involvement with the WEF, nor has it issued press releases referencing her involvement.

Some have questioned whether Ms. Freeland’s role as deputy prime minister and finance minister as well as a forum board member constitutes a conflict of interest. The Office of the Conflict of Interest and Ethics Commissioner said in its 2022 annual report it received more than 1,000 requests in a two-month period from members of the public to investigate the participation of MPs and ministers in the WEF.

The office said the requests “did not provide sufficient information to warrant an investigation.” Ms. Freeland’s leadership position with the WEF has been declared to the office and has therefore been cleared.

Featured image: Original paintings by R. Delaney.

AI Governance Alliance Calls for Inclusive Access to Advanced Artificial Intelligence


World Economic Forum’s AI Governance Alliance says a global effort is needed to create equitable access to artificial intelligence. Artificial intelligence holds the potential to address global challenges, but it also poses risks of widening existing digital divides or creating new ones. Three new Forum papers offer recommendations on building safe systems and technologies, ensuring responsible applications and transformation, and advancing resilient governance and regulation.

Davos-Klosters, Switzerland, 18 January 2024 – The AI Governance Alliance (AIGA) released today a series of three new reports on advanced artificial intelligence (AI). The papers focus on generative AI governance, unlocking its value and a framework for responsible AI development and deployment.
 
The alliance brings together governments, businesses and experts to shape responsible AI development applications and governance, and to ensure equitable distribution and enhanced access to this path-departing technology worldwide.
 
“The AI Governance Alliance is uniquely positioned to play a crucial role in furthering greater access to AI-related resources, thereby contributing to a more equitable and responsible AI ecosystem globally,” says Cathy Li, Head, AI, Data and Metaverse, World Economic Forum. “We must collaborate among governments, the private sector and local communities to ensure the future of AI benefits all.”
 
AIGA is calling upon experts from various sectors to address several key areas. This includes improving data quality and availability across nations, boosting access to computational resources, and adapting foundation models to suit local needs and challenges. There is also a strong emphasis on education and the development of local expertise to create and navigate local AI ecosystems effectively. In line with these goals, there is a need to establish new institutional frameworks and public-private partnerships along with implementing multilateral controls to aid and enhance these efforts.
 
While AI holds the potential to address global challenges, it also poses risks of widening existing digital divides or creating new ones. These and other topics are explored in a new briefing paper series, released today and crafted by AIGA’s three core workstreams, in collaboration with IBM Consulting and Accenture. As AI technology evolves at a rapid pace and developed nations race to capitalize on AI innovation, the urgency to address the digital divide is critical to ensure that billions of people in developing countries are not left behind.
 
On international cooperation and inclusive access in AI development and deployment, Generative AI Governance: Shaping Our Collective Global Future – from the Resilient Governance and Regulation track – evaluates national approaches, addresses key debates on generative AI, and advocates for international coordination and standards to prevent fragmentation.
 
Unlocking Value from Generative AI: Guidance for Responsible Transformation – from the Responsible Applications and Transformation track – provides guidance on the responsible adoption of generative AI, emphasizing use case-based evaluation, multistakeholder governance, transparent communication, operational structures, and value-based change management for scalable and responsible integration into organizations.
 
In addition, for optimized AI development and deployment, a new Presidio AI Framework: Towards Safe Generative AI Models – from the Safe Systems and Technologies track – addresses the need for standardized perspectives on the model lifecycle by creating a framework for shared responsibility and proactive risk management.
 
AIGA also seeks to mobilize resources for exploring AI benefits in key sectors, including healthcare and education.
 
Quotes from the initiative:
 
“As we witness the rapid evolution of artificial Intelligence globally, the UAE stands committed to fostering an inclusive AI environment, both within our nation and throughout the world. Our collaboration with the World Economic Forum’s AI Governance Alliance is instrumental in making AI benefits universally accessible, ensuring no community is left behind. We are dedicated to developing a comprehensive and forward-thinking AI and digital economy roadmap, not just for the UAE but for the global good. This roadmap is a testament to our belief in AI as a tool for universal progress and equality, and it embodies our commitment to a future where technology serves humanity in its entirety.” – H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications of the United Arab Emirates
 
“Rwanda’s participation in the AI Governance Alliance aims to ensure Rwanda and the region do not play catch up in shaping the future of AI governance and accessibility. In line with these efforts, Rwanda’s Centre for the Fourth Industrial Revolution, in collaboration with the World Economic Forum, will host a high-level summit on AI in Africa towards the end of 2024, creating a platform to engage in focused and collaborative dialogue on the role of AI shaping Africa’s future. The event’s primary goal will be to align African countries on common risks, barriers, and opportunities and, ultimately, devise a unified strategy for AI in Africa.” – Paula Ingabire, Minister of Information Communication Technology and Innovation of Rwanda
 
“IBM continues to drive responsible AI and governance. We all have an obligation to collaborate globally across corporations, governments and civil society to create ethical guardrails and policy frameworks that will inform how generative AI is designed and deployed. IBM is proud to work with the Forum’s AI Governance Alliance as the knowledge partner for this paper series.” – Gary Cohn, IBM Vice-Chairman
.
“The evolution of AI is unique in that the technology, regulation and business adoption are all accelerating exponentially at the same time. It’s critical that the public and private sector come together to share insights, resources and best practices for building and scaling AI responsibly. Leaders in this space must prioritize inclusive AI so that the benefits of this technology are shared in all parts of the world, including emerging markets. The Forum’s three-part briefing paper series offers insightful considerations across responsible applications, governance and safety to empower businesses, respect people and benefit society.” – Paul Daugherty, Chief Technology Innovation Officer, Accenture.

Disinformation Tops Global Risks 2024 

  • Misinformation and disinformation are biggest short-term risks, while extreme weather and critical change to Earth systems are greatest long-term concern, according to Global Risks Report 2024.
  • Two-thirds of global experts anticipate a multipolar or fragmented order to take shape over the next decade.
  • Report warns that cooperation on urgent global issues could be in short supply, requiring new approaches and solutions.
  • Read the Global Risks Report 2024 here, discover the Global Risks Initiative, watch the press conference here, and join the conversation using #risks24.

Geneva, Switzerland, January 2024 – Drawing on nearly two decades of original risks perception data, the World Economic Forum’s Global Risks Report 2024 warns of a global risks landscape in which progress in human development is being chipped away slowly, leaving states and individuals vulnerable to new and resurgent risks. Against a backdrop of systemic shifts in global power dynamics, climate, technology and demographics, global risks are stretching the world’s adaptative capacity to its limit.

These are the findings of the Global Risks Report 2024, released today, which argues that cooperation on urgent global issues could be in increasingly short supply, requiring new approaches to addressing risks. Two-thirds of global experts anticipate a multipolar or fragmented order to take shape over the next decade, in which middle and great powers contest and set – but also enforce – new rules and norms.

The report, produced in partnership with Zurich Insurance Group and Marsh McLennan, draws on the views of over 1,400 global risks experts, policy-makers and industry leaders surveyed in September 2023. Results highlight a predominantly negative outlook for the world in the short term that is expected to worsen over the long term. While 30% of global experts expect an elevated chance of global catastrophes in the next two years, nearly two thirds expect this in the next 10 years.

“An unstable global order characterized by polarizing narratives and insecurity, the worsening impacts of extreme weather and economic uncertainty are causing accelerating risks – including misinformation and disinformation – to propagate,” said Saadia Zahidi, Managing Director, World Economic Forum. “World leaders must come together to address short-term crises as well as lay the groundwork for a more resilient, sustainable, inclusive future.” 

Rise of disinformation and conflict

Concerns over a persistent cost-of-living crisis and the intertwined risks of AI-driven misinformation and disinformation, and societal polarization dominated the risks outlook for 2024. The nexus between falsified information and societal unrest will take centre stage amid elections in several major economies that are set to take place in the next two years. Interstate armed conflict is a top five concern over the next two years. With several live conflicts under way, underlying geopolitical tensions and corroding societal resilience risk are creating conflict contagion.

Economic uncertainty and development in decline
The coming years will be marked by persistent economic uncertainty and growing economic and technological divides. Lack of economic opportunity is ranked sixth in the next two years. Over the longer term, barriers to economic mobility could build, locking out large segments of the population from economic opportunities. Conflict-prone or climate-vulnerable countries may increasingly be isolated from investment, technologies and related job creation. In the absence of pathways to safe and secure livelihoods, individuals may be more prone to crime, militarization or radicalization.

Planet in peril


Environmental risks continue to dominate the risks landscape over all timeframes. Two-thirds of global experts are worried about extreme weather events in 2024. Extreme weather, critical change to Earth systems, biodiversity loss and ecosystem collapse, natural resource shortages and pollution represent five of the top 10 most severe risks perceived to be faced over the next decade. However, expert respondents disagreed on the urgency of risks posed – private sector respondents believe that most environmental risks will materialize over a longer timeframe than civil society or government, pointing to the growing risk of getting past a point of no return.

Responding to risks


The report calls on leaders to rethink action to address global risks. The report recommends focusing global cooperation on rapidly building guardrails for the most disruptive emerging risks, such as agreements addressing the integration of AI in conflict decision-making. However, the report also explores other types of action that need not be exclusively dependent on cross-border cooperation, such as shoring up individual and state resilience through digital literacy campaigns on misinformation and disinformation, or fostering greater research and development on climate modelling and technologies with the potential to speed up the energy transition, with both public and private sectors playing a role.

Carolina Klint, Chief Commercial Officer, Europe, Marsh McLennan, said: “Artificial intelligence breakthroughs will radically disrupt the risk outlook for organizations with many struggling to react to threats arising from misinformation, disintermediation and strategic miscalculation. At the same time, companies are having to negotiate supply chains made more complex by geopolitics and climate change and cyber threats from a growing number of malicious actors. It will take a relentless focus to build resilience at organizational, country and international levels – and greater cooperation between the public and private sectors – to navigate this rapidly evolving risk landscape.”

John Scott, Head of Sustainability Risk, Zurich Insurance Group, said: “The world is undergoing significant structural transformations with AI, climate change, geopolitical shifts and demographic transitions. Ninety-one per cent of risk experts surveyed express pessimism over the 10-year horizon. Known risks are intensifying and new risks are emerging – but they also provide opportunities. Collective and coordinated cross-border actions play their part, but localized strategies are critical for reducing the impact of global risks. The individual actions of citizens, countries and companies can move the needle on global risk reduction, contributing to a brighter, safer world.”

About the Global Risks Initiative


The Global Risks Report is a key pillar of the Forum’s Global Risks Initiative, which works to raise awareness and build consensus on the risks the world faces, to enable learning on risk preparedness and resilience. The Global Risks Consortium, a group of business, government and academic leaders, plays a critical role in translating risk foresight into ideas for proactive action and supporting leaders with the knowledge and tools to navigate emerging crises and shape a more stable, resilient world.

Philippines Strengthens Coastal Ecosystems- What Canada Can Learn

  • Following Indonesia, the Philippines joins the World Economic Forum’s Blue Carbon Action Partnership to safeguard crucial coastline ecosystems in South-East Asia.
  • Mangroves and other littoral biospheres provide a critical buffer against climate change globally, but environmental degradation is putting them under threat.
  • Momentum builds at COP28 for the conservation and restoration of these critical blue carbon ecosystems, for the benefit of people, nature and the climate.
  • Learn more about the World Economic Forum’s work at COP28 here.

Dubai, United Arab Emirates, December 2023 – The Government of the Philippines’ Department of Environment and Natural Resources announced yesterday at COP28 that it is joining the World Economic Forum’s Blue Carbon Action Partnership to accelerate the restoration and conservation of coastal ecosystems.

South-East Asia is home to almost one-third of mangroves globally, with nearly 20% of the world’s mangroves in Indonesia alone.

Blue carbon ecosystems such as mangroves, seagrasses and salt marshes store up to five times more carbon per acre than tropical rainforests and have been receiving greater attention in recent years. Yet, these ecosystems are under threat of destruction. These important carbon sinks also provide support for livelihoods, food security, shoreline protection and habitat for numerous.

Eelgrass (seagrass) distribution on Canada’s sea coastlines are under threat.

Source: Environment and Climate Change Canada (2020).

The importance of eelgrass to ecosystems was shown after a widespread wasting disease outbreak along the Atlantic coast of North America in the 1930s resulted in a 90% loss of eelgrass. It is estimated that populations of migratory Brant geese along the Atlantic coast, which rely heavily on eelgrass outside the breeding season, declined by as much as 90%. Declines of clams, lobsters, crabs, scallops, cod and flounder were also reported following the loss of eelgrass.

Eelgrass beds are highly productive and several studies have indicated that eelgrass beds contribute to the sequestration of “blue carbon” in marine sediments, providing a valuable ecosystem service in coastal areas.

“Coastal ecosystems such as mangroves are critical to life in the ocean and to those who live alongside it. Increasingly, we are also recognizing their vital role to buffer us against the worst effects of the climate crisis,” said Alfredo Giron, Acting Head of the Ocean Action Agenda and Friends of Ocean Action at the World Economic Forum. “When blue carbon benefits are recognized and valued by governments and businesses, who commit and invest in the restoration of mangrove, seagrass and salt marsh ecosystems around the world, everybody wins – people, nature, climate and ultimately, the planet.”

The newly launched National Blue Carbon Action Partnership in the Philippines will convene, coordinate and support implementation to scale high-quality blue carbon action, representing nearly 700 billion metric tons of carbon sequestered in mangroves and seagrasses in the country.

“The Philippines, endowed with rich biodiversity and extensive coastlines, is home to vast blue carbon ecosystems. We look forward to working with the Blue Carbon Action Partnership to facilitate the inclusive, whole-of-society approach to developing a shared ambition for blue carbon, community resilience, inclusive development and unlocking the Philippines’ potential to provide nature-based climate solutions for the rest of the world whilst supporting our programs for protected areas and preparing the country for participating in the new blue economy,” said Antonia Loyzaga, Secretary of the Department of Environment and Natural Resources of the Philippines.

The Philippines partnership is the second to be launched after an agreement last year with the Government of Indonesia, which has also strengthened its partnership agreement with the World Economic Forum at COP28 and is preparing to launch its National Blue Carbon Action Partnership secretariat. Combined, the Philippines and Indonesia house 4 trillion tons of carbon in their blue carbon ecosystems, which is the carbon equivalent of over 11 trillion of barrels of oil consumed.

There is increasing demand for blue carbon ecosystem restoration and conservation to attain the multifaceted benefits these ecosystems provide, including food security, support for livelihoods, coastal protection and carbon storage. Working with its government partners, the Blue Carbon Action Partnership can support connecting finance with countries that have established policies to receive blue carbon ecosystem investment.

“The ocean is our largest buffer in tackling the climate crisis and it plays an essential role in climate change mitigation, resilience and adaptation as well as regulating the global weather system. It is encouraging to see the ocean gaining increasing prominence as a natural resource for accelerated climate action,” said Giron.

World Economic Forum to Accelerate Multistakeholder Climate Action at COP28

The World Economic Forum will advance multistakeholder initiatives for enhanced climate solutions at the 28th Conference of the Parties of the UNFCCC. The Forum will focus on key priority action areas including industry decarbonization and net zero, energy transition, food, nature and innovative finance.COP28 takes place from 30 November to 12 December 2023 in Dubai, United Arab Emirates, and serves as an urgent call to action to the global climate crisis.Learn more about the Forum’s work at COP28 here.

Geneva, Switzerland, November 2023 – The World Economic Forum will convene heads of state, ministers, business leaders, philanthropy and civil society to advance climate action at the 28th Conference of the Parties of the UNFCCC (COP28) at the Expo City Dubai, in Dubai, United Arab Emirates. The Forum’s focus at COP28 is to address priority action areas including industry decarbonization and net zero, energy transition, food, nature and innovative finance.

“We have to take a holistic approach to address the environment crisis, with people at the heart of the agenda, focusing on restoring and protecting nature ecosystems, strengthening community resilience in the face of water stresses and extreme temperatures, while stopping the pollution of our land, sea and water,” said Gim Huay Neo, Managing Director, World Economic Forum. “Fostering a sense of inter-dependence, mutual trust and support as well as active collaboration between governments, the private sector, philanthropy, civil society and communities is needed to build a more harmonious relationship among communities and with the planet. COP28 is an opportunity for the World Economic Forum to provide a platform for multistakeholders to take stock on progress, enhance partnership efforts and explore new ideas and solutions together to safeguard our global commons.”

The discussions in Dubai will build on outcomes from the Forum’s Sustainable Development Impact Meetings 2023, which reflected on progress made on the Sustainable Development Goals (SDGs) and created momentum in addressing the climate and nature crises and advancing an inclusive energy transition.
 
As part of the COP28 programme, the Forum will hold several sessions aligned to the meeting’s thematic areas. Most of the sessions will take place at the COP28 Blue Zone, which is accessible to UNFCCC-accredited media.
 
Insights and initiatives
 
The following Forum announcements and publications will be released at COP28.
 22 Nov.: Net Zero Industry Tracker 202322 Nov.: Financing Energy Transition Projects with Industrial Clusters in Europe26 Nov.: Biodiversity Credits: Demand Analysis and Market Outlook27 Nov.: Biodiversity Credits: A Guide to Support Effective Use29 Nov.: Launch of Scope 3 Action Plan from the Alliance of CEO Climate Leaders29 Nov.: Navigating Article 6: Opportunities for the Middle East and North Africa30 Nov.: Grassroots to Boardrooms:Social Innovation Partnerships for Climate Adaptation30 Nov.: Catalysing Climate Action in Asia: Unlocking the Power of Philanthropic-Private-Public Partnerships30 Nov.: Policy Action to Mobilize Climate Finance and Market Responses 1 Dec.: Taking Stock of Global Business Efforts on Adaptation4 Dec.: Joint Communiqué: CEOs from the Leaders for a Sustainable MENA Sign Joint Letter to Pledging Net Zero by 2050 and to Reduce 200MT CO2 Emissions by 20304 Dec.: Roadmap for Enabling Measures for Green Hydrogen in the MENA Region4 Dec.: Fuelling the Future of Shipping: Key Barriers to Scaling Zero-Emission Fuel Supply5 Dec.: Circularity in the Built Environment: Maximizing CO2 Abatement and Business Opportunities5 Dec.: Using a People-positive Approach to Accelerate the Scale-up of Clean Power: A C-Suite Guide for Community Engagement Find more about World Economic Forum insight publications here.

The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas. (www.weforum.org).

Benefits of Working On The Front-line in Canada: Lessons From My First Job

As a double immigrant who worked his way through high school and university, I am a big believer in the lifelong benefits of working on the front line, early in life. My first job was an eye opener to say the least.

As a double immigrant who worked his way through high school and university, I am a big believer in the lifelong benefits of working on the front line. My first job was in frontline customer service at age 16 for Canada’s largest sports store chain, Collegiate Sports (now Sport Chek), in a flagship mall in Toronto. I started as a salesclerk selling shoes, retail apparel, ski equipment, and stringing tennis racquets.

As a student athlete, I was fortunate to work in a large sports department store situated in a multicultural city and to serve all kinds of people across various ages and income groups.

Our customers ranged from consummate “old stock Canadian” athletes, who were fanatical about every detail when ordering custom equipment, to wide-eyed gullible immigrants whose children were seeking to learn a new sport like ice hockey or snowboarding. It was a fast paced atmosphere with dense traffic in the evenings and buzzing with energy on the weekends like a casino hotel on the Las Vegas strip.

It was also a very demanding job because it required being on your feet for 8 hours per shift and being constantly “switched on” to anticipate customer needs. Employees engaged in their first front line customer service role developed emotional intelligence through hundreds of daily interactions with customers. Over time, I learned how to read customers’ non-verbal facial expressions and body language, which varied widely by their ethnicities, stage of life, and other factors.

The job required meticulous knowledge of every major sporting activity, current and incoming inventory, and prices for disparate product lines and brands while also including labor intensive tasks such as tagging the products, stocking the shelves, and cleaning the store after hours. Determining the best allocation of shelf space was a key decision. There were no “smart technologies” such as sensors, cameras, big data, and analytics used by retailers today to manage inventories and shelf-space. Hence arranging the optimal product assortment on the floor to generate traffic was an essential part of the job that required teamwork and an entrepreneurial mindset of experimentation through trial and error.

The store manager was a flamboyant French-Canadian named Guy who was a die-hard Montreal Canadiens fan with a profound sense of humor.

Typical of 1980s Toronto, the staff was composed of up-and-comers, including many Asian, European, and Caribbean immigrants. Guy was great at motivating staff, casting people in the right departments, creating internal sales contests, and holding us accountable. He had a keen eye for talent and was adept at identifying and investing in adaptive learners who could conquer a multifaceted department such as ski equipment or hockey skates by efficiently conveying product knowledge to outsell others.

Guy’s greatest skill was building an informal talent marketplace to grow the business in one of the world’s most diverse cities. He understood that a high performing diverse team of employees who felt like the store was their own business would not just generate loyal customers but grow the sports retail business by engaging new communities. Under his leadership, the store became an incredibly diverse meritocracy of over 500 full time and part time employees: Caribbean kids rose from selling track shoes to managing winter sports and Asian women ascended from selling apparel to assistant manager roles overseeing budgets and purchasing. I remember training a Jamaican immigrant, who happened to be the best sprinter in Toronto, how to string tennis racquets at optimal tensions depending on the player’s style, and she taught me about the subtle differences in track and field spikes depending on specific events and surfaces.

Like any store environment, it was not always pleasant. When the store missed its numbers by a wide margin, Guy scolded us for not being sufficiently productive.

He would curse at us with Quebecois nouns, poke fun at our beloved Toronto Maple Leafs, and if revenues were under budget, walk us back to his office which doubled as “banc des pénalités” (“penalty box”). His diminutive office was adjacent to the boisterous warehouse receiving truck shipments, welding, and assembling equipment. Here Guy would shout out the disappointing financial results and present the dormant inventory and the blue-collar workers whose strenuous labor made it possible for us to sell these products on the floor. He reminded us that even the most talented players end up in the penalty box and cost their team when they fail to play together and trust their teammates.

Over the course of four years, this job taught me three things I would use in the rest of my career: First, the benefits of building a high-performing team of diverse colleagues who could teach each other through an apprenticeship model rather than formal training; second, how professional development is accelerated by highly demanding customers who make purchase decisions in a matter of seconds; and third, how the real world has a magical way of revealing where your greatest talents reside, even if it contradicts what your teachers and test scores suggest are your perceived strengths.

In my last year on the job, Guy got promoted to regional VP overseeing 100 stores in Eastern Canada.

Still, he sought me out once every few months. In our last few meetings, he expressed his gratitude that I helped recruit tens of what he called “gens talentueux” or highly talented and diverse employees – mostly high school athletes and musicians – that drew waves of new customers into his stores and grew the business. The last few times we met, Guy tried to persuade me to become a store manager and retail executive like he was. As an Asian immigrant with Ivy League dreams, I was not ready to take the store manager career path.

However, years later after graduate school and a stint in management consulting, I joined the hospitality industry where I was able to harness this cross-cultural competence to achieve breakthrough results. And when I became an operating executive and eventually a hospitality CEO, it made an even bigger difference. Thanks to years on the front line, I was able to swiftly unearth customer needs, connect deeply with front line employees and build collaborative cross-cultural teams. My front line experience was most helpful in relating to employees in emerging markets such as Shanghai where I had no prior work experience, did not speak the language, and had to motivate migrant workers, mostly mothers living apart from their children.

It was my years serving on the frontline in retail, sports, and healthcare that taught me to how to collaborate with colleagues, look customers in the eye and resolve their complaints, form teams to solve thorny problems, and meet the litmus test of becoming a leader by identifying and developing other people’s talents.

Service industries are not just the largest employers: they are engines of human development for communities, cities, countries, and entire civilizations. From the United States to China and Saudi Arabia, business, and government leaders “get it” and are investing billions to rebuild human capital in hospitality centric service industries after the pandemic. These diverse stakeholders recognize the critical role of service industries in rebuilding their countries, diversifying their economies, and facilitating meritocracy for domestic and foreign employees of all ages, races, ethnicities, and genders.

Surprisingly, their efforts are increasingly lost on the workforce. Instead, a talent disruption, powered by innovative technologies such as generative AI, changing attitudes towards work-life balance, and a growing mistrust of capitalism and governments is changing the equation. Millions of Gen Xers and Millennials are choosing the gig economy or hybrid jobs where they can effortlessly circumvent human interaction and avoid the discomfort of face-to-face conflicts. Groundbreaking technologies such as generative AI may accelerate this talent disruption, further distancing employees and contract workers and hence brands from their customers.

Consequently, brands that achieved differentiation through personalized service may suffer from commoditization. What is more troubling are the long-term career development implications for individuals, especially Gen Xers and Millennials who are set to become the next generation of service managers and grew up performing these gig economy jobs.

Driving around town and leaving bags at a front door with pictures, communicating via text confirmations, and receiving tips based on algorithms is not an equivalent experience to being on the frontline in a service operation.

It may provide contractors with flexibility and income, but it comes at the cost of a lack of learning and customer contact that will serve to stunt their professional growth. What is the solution here? Given this historic talent disruption, what is the path forward for business and government leaders in industries such as hospitality, retail, and healthcare that are experiencing long-term labor shortages and growing unionization? Should employers, including entrepreneurs such as franchisees, increase their investments in acquiring, developing, and compensating talents? Or should they invest in AI and other technologies to automate and reduce their investments in building human capital? What other alternatives, if any, exist?

My first job was in a sporting goods store.

World Economic Forum Report Highlights Retirement Trends as Life Expectancy Increases

  • Due to longer lifespans, governments and employers must reshape approaches to retirement to ensure ageing populations can live fulfilling, healthy lives
  • New survey indicates shifting views on retirement and stark differences in how younger and older people see their future
  • World Economic Forum report provides new approaches to retirement that governments, employers and individuals can consider

New York, USA, June 2023 – Life expectancy increased from an average of 46 to 73 years between 1950 and 2019 and the United Nations forecasts further increases, estimating that global average life expectancy will reach about 81 years by 2100. Longer lifespans are causing individuals, governments and business leaders to rethink their approach to work and retirement.

Living Longer, Better: Understanding Longevity Literacy, a new World Economic Forum report, in collaboration with Mercer, a business of Marsh McLennan, explores how lengthening lifespans are reshaping how individuals view their working lives and retirement. The report offers recommendations for government and employers to ensure they are adequately supporting people in multiple stages of work and retirement.


The report highlights purpose and quality of life in addition to financial health and resilience – themes that are traditionally associated with retirement planning. It offers options that individuals can consider to ensure they are approaching work, learning and retirement in ways that best meet their needs.

“When it comes to longevity and living longer, healthier lives, everyone has a role on this critical topic,” said Haleh Nazeri, Longevity Lead, World Economic Forum. “How will business support an older workforce and one with growing caregiving needs, what will policymakers do to help all citizens reach retirement equity, and finally, what can individuals do at every life stage to ensure they are able to stay financially resilient in a longer life.”

“Employers are thinking more about the current age distributions within the areas of talent needed to operate their organizations and how to influence the trajectory of these distributions,” said Rich Nuzum, Executive Director, Investments & Global Chief Investment Strategist, Mercer. “To leverage longevity and fight the war for talent effectively, moving from individual roles to team-based roles can help employers take full advantage of the diverse strengths of teams that comprise a combination of older and younger workers.”

Views on Retirement  
A new survey, Pulse Poll, of almost 400 professionals indicates that women and men view retirement differently. Women, for example, are 55% more likely to say they don’t know if they have saved enough for retirement.

The poll also reveals differences in how younger and older populations view their retirement futures. Both women and those under 40 are more willing to reskill but worry about associated costs. Both groups are also more likely to feel isolated.

Further results from the Pulse Poll can be found below and in the report:

  • Health is a top concern with two thirds of respondents indicating they expect to have caring responsibilities
  • Days of “Bank of Mum and Dad” may be reversing; many younger people are likely to have to financially support older family members
  • Pulse Poll respondents over 40 target lower income replacement levels in retirement
  • People are generally unaware of how to achieve their target levels of retirement income
  • More men looking forward to retirement, while more women need to understand their financial situation
  • Women are 55% more likely to say they don’t know if they have saved enough
  • Younger people are eight times more likely to use social media for financial advice
  • 44% of under-40s want to retire by 60
  • Women and younger people are more willing to reskill but are also worried about associated costs

The respondent profiles to the Pulse Poll were homogeneous and predominantly included those who had undertaken higher education, were in more senior positions, were likely to be in employment at major global organizations and with a high level of individual agency and financial literacy.

While there are some sample limitations, the survey suggests how the findings can help start a conversation about the challenges faced and can contribute to the development of solutions for the population this group of respondents represents.

Recommendations for Governments and Employers
As people are living longer lives, business and government need to restructure their approach to later life planning. Failing to adopt a multi-stakeholder approach towards longevity will inevitably result in a significant portion of people retiring into poverty.
Recommendations are cover three key areas of work and retirement including quality of life, purpose and financial resilience.

 Government

  • Facilitate upskilling of older workers and clamp down on ageism
  • Provide incentives for employers to offer more robust leave policies for caregiving needs
  • Explore the wider use of default auto-enrollment and default investment strategies to increase and maximize savings
  • Establish safety nets such as minimum pension levels provided by government
  • Enact enabling legislation to make all jobs flexible for longer-life working if desired and to accommodate all life-stage needs
  • Offer digital skills training and equipment to ensure equitable access to opportunities for all

Employers

  • Implement programmes offering support such as carers’ leave, information and advice for those who have caregiver responsibilities
  • Understand what impact the company’s retirement plan design has on the trajectory of retirement-readiness and labour flow – check if people can actually afford to retire
  • Provide flex-work programmes for caregivers, such as job-shares; allow part-time workers to contribute to defined contribution plans; provide training programmes for workforce re-entry, similar to those for early-career employees
  • Implement and review financial wellness programmes to:
    • Cover specific life-stage needs that account for gender, cultural and ethnicity differences
    • Consider personalized models to show the impact of different working arrangements and retirement ages on pay and pension
    • Cater to low-income earners who are likely to need the most support saving and planning for retirement

Individuals can also reimagine what their longer lives might look like as the three-stage life of school, work and retirement makes way for a multi-stage life that could include lifelong learning, career breaks and new occupations in later life. This includes pursuing upskilling and reskilling opportunities, as well as prioritizing retirement and pension planning if possible.

Increasing longevity globally will require new innovations and solutions to address how people can stay financially resilient in a retirement that may be 20 years longer than their grandparents. With supportive actions from government and employers, individuals will have a chance to try new approaches to longer lives and reassess how they want to study, live, work, save and retire in ways that are different from what has been done in the past century. For the Silo, Madeleine Hillyer/World Economic Forum.

AI Aggregates, But Dyslexia Innovates

The rise of AI is truly remarkable. It is transforming the way we work, live, and interact with each other, and with so many other touchpoints of our lives. However, while AI aggregates, dyslexic thinking skills innovate. If used in the right way, AI could be the perfect co-pilot for dyslexics to really move the world forward. In light of this, Virgin and Made By Dyslexia have launched a brilliant campaign to show what is possible if AI and dyslexic thinking come together. The film below says it all.

As the film shows, AI can’t replace the soft skills that index high in dyslexics – such as innovating, lateral thinking, complex problem solving, and communicating.

If you ask AI for advice on how to scale a brand that has a record company – it offers valuable insights, but the solution lacks creative instinct and spontaneous decision making. If I hadn’t relied on my intuition, lateral thinking and willingness to take a risk, I would have never jumped from scaling a record company to launching an airline – which was a move that scaled Virgin into the brand it is today.

Together, dyslexic thinkers and AI are an unstoppable force, so it’s great to see that 72% of dyslexics see AI tools (like ChatGPT) as a vital starting point for their projects and ideas – according to new research by Made By Dyslexia and Randstad Enterprise. With help from AI, dyslexics have limitless power to change the world, but we need everyone to welcome our dyslexic minds. If businesses fail to do this, they risk being left behind. As the Value of Dyslexia report highlighted, dyslexic skillsets will mirror the World Economic Forum’s future skills needs by 2025. Given the speed at which technology and AI have progressed, this cross-over has arrived two years earlier than predicted.

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With all of this in mind, it’s concerning to see a big difference between how HR departments think they understand and support dyslexia in the workplace, versus the experience of dyslexic people themselves.

 The new research also shows that 66% of HR professionals believe they have support structures in place for dyslexia, yet only 16% of dyslexics feel supported in the workplace. It’s even sadder to see that only 14% of dyslexic employees believe their workplace understands the value of dyslexic thinking. There is clearly work to be done here.

To empower dyslexic thinking in the workplace (which has the two-fold benefit of bringing out the best in your people and in your business), you need to understand dyslexic thinking skills. To help with this, Made By Dyslexia is launching a workplace training course later this year on LinkedIn Learning – and you can sign up for it now. The course will be free to access, and I’m delighted that Virgin companies from all across the world have signed up for it – from Virgin Australia, to Virgin Active Singapore, to Virgin Plus Canada and Virgin Voyages. It’s such an insightful course, designed by experts at Made By Dyslexia to educate people on how to understand, support, and empower dyslexic thinking in the workplace, and make sure businesses are ready for the future.

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It’s always inspiring to see how Made By Dyslexia empowers dyslexics, and shows the world the limitless power of dyslexic thinking. If businesses can harness this power, and if dyslexics can harness the power of AI – we can really drive the future forward.  Richard Branson, Founder at Virgin Group.