Three-plus years since the onset of the COVID-19 pandemic, much of the world has reopened for travel without restrictions. But while it feels like the pandemic—which significantly affected our society in all aspects—is mostly behind us, the global economy now faces new challenges in 2023— starting with a wave of mass layoffs at many of the largest companies in the world.
In addition, global economic growth is projected to sharply decelerate from 3 percent in 2022 to 1.7 percent in 2023—its third weakest pace in nearly three decades—overshadowed only by the 2009 and 2020 recessions, according to the World Bank’s most recent economic report. Ongoing geopolitical and fiscal tensions such as the Ukraine-Russia war, higher-than-expected inflation and tough anti-inflationary measures are some of the adverse conditions contributing to this fragile economy.
As a result, it’s a business imperative that organizations have adaptable and innovative risk management and resilience strategies to better navigate the ever-evolving risk landscape.
Here, we’ll explore steps you can take to improve business continuity in today’s environment, and better prepare for risks on the horizon.