How can global businesses navigate the new normal?

The author asserts that while economic globalization has reduced poverty, it has also increased inequality in wealthy nations and fueled political polarization. In response to a climate of protectionism and geopolitical tension, the text argues that global businesses should adopt a 'multi-local' approach, acting as trusted local players who contribute to community-specific issues like infrastructure and labor reskilling. Furthermore, the author emphasizes that sustainability and cross-sector partnerships, particularly involving the insurance industry, are essential for managing environmental risks and maintaining stakeholder trust.

• Economic globalization has successfully lifted over one billion people out of poverty, but it has simultaneously increased inequality within the wealthiest nations, which in turn damages social cohesion and economic performance.
• Protectionism is viewed as an unsustainable solution that fails in the long term and threatens the ability of nations to coordinate collective responses to global challenges.
• To succeed in the current geopolitical climate, globally active businesses should replace 'one size fits all' strategies with a 'multi-local' approach, focusing on becoming trusted local players who address specific community needs such as infrastructure development and labor reskilling.
• Sustainability is critical for building long-term customer trust, especially as environmental risks consistently lead the results of the Global Risks Perception Survey.
• Addressing current global challenges requires cross-sector collaboration to avoid 'silo thinking,' with the insurance industry positioned to play a key role due to its expertise in risk management and partnership ecosystems.

APA

Greco, M. (2019). How can global businesses navigate the new normal? World Economic Forum. https://www.weforum.org/stories/global-risks/how-can-global-businesses-navigate-the-new-normal/

Chicago

Greco, Mario. How can global businesses navigate the new normal? World Economic Forum, 2019. https://www.weforum.org/stories/global-risks/how-can-global-businesses-navigate-the-new-normal/.

Wikipedia

{{cite press release |last1=Greco |first1=Mario |title=How can global businesses navigate the new normal? |publisher=World Economic Forum |date=21 January 2019 |url=https://www.weforum.org/stories/global-risks/how-can-global-businesses-navigate-the-new-normal/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{greco2019how, author = {Greco, Mario}, title = {{How can global businesses navigate the new normal?}}, publisher = {World Economic Forum}, year = {2019}, month = jan, url = {https://www.weforum.org/stories/global-risks/how-can-global-businesses-navigate-the-new-normal/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }