Geneva/New York, August 5 – Three in four people think it will take at least two years for economies around the world to recover from the coronavirus pandemic and they pointed out infrastructure, new jobs and increased tourism as lead indicators for the recovery, a market survey jointly made by the World Economic Forum and Ipsos said.
The survey of nearly 22,000 people across 29 countries showed people think that governments and businesses are mainly responsible for enacting measures for an inclusive and sustainable economic recovery based on current trends towards green finance and economic measures assessing risks and performance in the environment, social and corporate governance. Respondents said while governments and businesses should lead the recovery, civil social society can also play a role and should not be left behind.
“The world is at a global turning point where leaders must cooperate, innovate and secure a robust recovery,’ Sarita Nayyar, Managing Director of WEF, said. “COVID-19 has been a litmus test for stakeholder capitalism. Those that focused on the short-term have been the first to suffer. Corporations have a responsibility to work with governments and civil society to address the big global challenges while protecting public health and growth. ESG reporting metrics, investments in green finance and building more inclusive workplaces are promising first steps forward.”
The global survey said only seven percent of people surveyed believed that their country’s economy has already recovered. It said this view is most widely held in China (56 per cent) and in Saudi Arabia (25 percent). It said 19 per cent believed their economy will have recovered in a year, a view held in Saudi Arabia (38 percent), the United States (32 percent) and South Korea (31 per cent).
The survey said 35 percent of responders said it will take their country’s economy two or three years to recover. This view is held in Japan (52 per cent), Chile (46 percent), Italy and Malaysia (both 44 per cent) and the Netherlands (42 per cent).
It said 39 percent believed it will take their economy more than three years to recover from the pandemic. This view is held in Russia (66 percent), South Africa (62 percent), Argentina (59 cent) and Romania (58 percent).
“In addition to fostering social cohesion, advocating for human rights and providing community assistance, civil society plays a crucial role in promoting a sustainable and equitable recovery and creating an enabling environment in collaboration with business and government,”
David Sangokoya, Head of Civil Society and Social Justice at WEF, said.
“As the world faces three critical crises in the COVID-19 pandemic, climate change and systemic inequalities, the inclusion of civil society in the world’s efforts is necessary to ensure transparency, accountability and impact for communities bearing the brunt of these crises.”
Read the full report and learn more about Sustainable Development Impact Summit
WEF said it will hold a virtual Sustainable Development Impact Summit, September 20-23, at which lead indicators for economic recovery such as jobs, new business opening and infrastructure and social changes will be on the agenda for discussion. The event will be held alongside the United Nations General Assembly session in New York in September with the expected participation of leaders of governments, businesses and civil society. It will focus on new technologies, policies and partnerships to advance cooperation, accelerate progress, and highlight tangible solutions to our global challenges.
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