Davos 2011 - Timothy Flynn, KPMG International

TL;DR

Analysis of global economy in 2011, slow recovery, importance of resilience, role of businesses in developing countries, shared norms, sustainability as a competitive advantage.

Transcript

What is your outlook for the global economy in 20111? As we look to 2011, it’s important to consider the pace of change we’re experiencing. It’s not just business, society is transforming as well. And this presents us with a tremendous challenge in getting global growth going again, emerging market economies, particularly in Asia and also in Latin ... Read More

Key Insights

• 🥺 Global growth in 2011 remains sluggish, with emerging markets leading the recovery.
• 👨‍💼 Businesses need to focus on rebuilding confidence and developing long-term sustainable growth strategies.
• 👨‍💼 Companies must embrace risk management as a strategic part of their business DNA.
• 👨‍💼 Effective governance and transparency are crucial for businesses in developing countries.
• 🌍 Shared norms like sustainable practices, talent mobility, and investing in education are essential for a diverse world.
• 🤗 Sustainability efforts can create competitive advantages by reducing costs and opening new markets.
• 👨‍💼 Business resilience to risk requires a long-term vision and involvement at all organizational levels.

Questions & Answers

Q: What are the main challenges facing the global economy in 2011?

The global economy in 2011 is recovering slowly, with unemployment, debt, and economic uncertainties posing serious challenges, primarily in western countries.

Q: How can businesses develop resilience to risk in the unpredictable world of 2011?

Businesses can build resilience by creating long-term visions, incorporating risk management into their strategies, and involving all levels of the organization in risk management and decision-making.

Q: What is the role of businesses in developing countries?

Businesses in developing countries must engage in sustainable practices, effective governance, stakeholder engagement, and transparent operations to build trust and contribute to societal development.

Q: How can companies leverage sustainability for a competitive advantage?

Companies can turn sustainability into a competitive advantage by integrating sustainability efforts across their business, reducing costs, innovating new products, and improving relationships with stakeholders worldwide.

Summary & Key Takeaways

• Global economy in 2011 faces challenges with slow recovery, particularly in the west.

• Companies need to focus on rebuilding confidence, developing long-term strategies, and embracing risk management.

• Businesses in developing countries must play a role in sustainable development, effective governance, and stakeholder engagement.