The Great Reset
1. Watch the video on the following link and summarize it – 2 pages
The Great Reset, by World Economic Forum, June 2020
https://www.weforum.org/great-reset
2. Watch the video on the following link and summarize it – 2 pages
COVID-19: The Great Reset, by World Economic Forum, July 2020
https://www.weforum.org/agenda/2020/07/covid-19-the-great-reset
3. Elaborate your own thoughts on the Great Reset – 1 full page
Use 2 space with 12-font in APA format. 2 sources from anywhere and 3 from the videos.
ANSWER
The Great Reset June 2020
The globe has changed, and people are exposed to more significant challenges from different factors and perspectives. The great reset initiative is focusing on controlling the current COVID-19 problem that has hit the globe. World economic forum has made different contributions towards creating a reputation as a trusted platform for informed cooperation and contribution among workers supported by their track records and success over past decades. The platform is now focusing on creating a purpose-centered society to service the existing problems and opportunities the universe faces for great reset. It is also forming, shaping, and bringing collaborative answers for the future through its various objectives.
The meeting conducted in June brought together various leaders worldwide to find common ground to curb the existing menace. Mobilizing leaders, trade unions, scientists, and other groups to work together is fundamental to achieving this reset. The COVID-19 pandemic has fueled economic disruption and massive levels leading to a worse and volatile universal upheaval while unveiling the most profound threats about the human surrounding and the extending reach of technology into daily operation. The reset championed specific measures that must be implemented to protect the most vulnerable people, such as the children and women within the society (The Great Reset, 2020). Other factors discussed are how countries and leaders need to balance and rebuild their economic stability by getting people back to work. Investing sustainability, including employment, is an approach that will reboot the economy and its growth. Still, leaders must restructure systems such as economies of scale that boost overall global momentum and accomplish the transition process.
The fourth discussed approach within the forum engages embracing science, technology, and innovation that changes individuals’ minds on investing in possible things within the framework of a sustainable future. Injection of physical stimulus to assist countries in rebuilding their economies is critical in bringing back stability; however, the focus must be driven towards recovery’s critical elements. COVID-19 has provided opportunities that should be explored at different levels, investing in low carbon and climate-resilient environment growth. The current low oil prices unveil other advantages such as eliminating harmful subsidies and implement carbon prices as a motivation for future investments (The Great Reset, 2020). Technology plays a significant role in either dividing communities or bringing them together in fighting this pandemic. The best memorial that can be created for those who lost their lives is through a greener, fairer, and smarter world. Overall, the most significant aspect of great rest revolves around changing the mindset. The private sector should work together with the public sector in finding common ground to manage and control the spread of this ailment.
In summary, the great reset highlights some of the diverse mechanisms that leaders across the universe should incorporate towards fighting COVID-19. A robust infrastructure is primary in rebuilding the post-pandemic economy. As lockdowns start to ease, governments across the globe must move quickly enough to devise recovery actions that address deep economic and social problems. Massive socio-economic restructuring is needed now, and this needs the support of other sectors such as private and public collaboration. Any crisis can be devastating; however, it also brings opportunities to reevaluate the kind of community people should create for the upcoming generations and incorporate effective responses to business practices in all sectors.
Great Reset July 2020
COVID-19 has come along risks connected; however, the risks in return come with concurring effects related to each other. Corona Virus effects have been classified into two major categories being Micro and Macro effects. Macro effects consist of environmental and geopolitical social effects. Politics have been integrated between different geographical. Coronavirus has also triggered a low employment rate, as the rate of rivalry between countries with placing blames, such as the US and China, increases. Coronavirus has also played as an accelerator to the already existing risks. Technology has also shown defeat on the Coronavirus, as it has proved how it can help people carry out their duties in a more technological way (Caro, 2020). Micro effects have been classified as effects that have arisen concerning the combination of the societal and the environmental ways, to ensure that the economy is born once again.
The great recession has three phases for the downturn due to COVID-19: Restrain, where people are fighting over the restrain of Coronavirus, Recover phase, where people will be recovering from the impact of COVID-19, and finally, the Reset period, where companies and organization need to come up with strategies to ensure that the economy is still on the run after the great impacts. However, the strategies to be created are supposed to be more effective in creating a more resilient and sustainable society and change investors’ thinking, from short term to long term, where the economy will be ready for any unplanned events. The COVID-19 has also raised the need to develop new business models and harness and develop the technology (Caro, 2020). However, it is clear that many people have been talking and documenting ideas on how to evacuate economic crises, but it’s now time that the documented strategies have to be put in action to save the economy.
However, after the invasion of COVID-19, the Great recession says that it has come up with global risk reports with a map on the major issues to be considered during the great reset. However, the ideas will be created and be presented in the meeting 21, where analysis of what happened and what could happen is evaluated and solutions set. However, in the setting of the initiatives, 20 -30 years old countries will be included. Global competitive reports, gender parity are among the top considerations to considered during the economic reset. However, after creating the strategies, it will be upon all of us, not only the government but everyone, to ensure that eth policies made are in action to come up with an effective economic reset.
However, organizations should consider whether they know what to do. They should also focus on where to focus mainly on the issues to ensure that the strategies are effective. The Economic recession should focus on coming up with new innovative ideas, such as where to source jobs, such as Health jobs, Nature jobs, and Economic jobs. The government should also focus on considering metrics such as wellbeing to be considered when making economic budgets. However, the dynamics in setting the economic resets are advised to be more open, as cooperation from everyone will eventually lead to success. Ideas, including entrepreneurship ideas from the youths, should also be put in place as they are more active and understands technology more actively. During this inflection point, leaders should not consider taking over the situation, not science. Cooperation from both the science and the government is the main necessities as the great economic recession comes. Skills that are on high demand in other sectors should be highly implemented such that if there are markets that the skills are needed more, they are highly directed to. During the economic recession, more unified systems to evaluate and implement long term thinking should be expected.
The education sector is among the sectors that have been affected, especially in places that are not yet developed, such as Africa. However, it’s an advantage as it gives the education industry a new chance to embrace technology and develop new systems such as online learning. Upon the vaccines launch, it will take cooperation from the economic recession to ensure that the drug has been distributed wisely and equally (Duran, 2020). Everyone will have equal rights to have access to the vaccine. Finally, even after the launch of the vaccine, things will still not be on the same page, there will be new strategies that societies will have to leave with, as still, the negative aspects will still thrive, and new strategies will be created considering observations to ensure that a more resilient and sustainable world is created.
Own Thoughts on Great Economic Reset
Despite that the Coronavirus has impacted many people’s lives, especially the loss of jobs; it is a chance for the economy to come up with new ways of operations. However, I feel like the great economic recession should be done globally, such that countries all cooperate and choose leaders who will take place in the creation of a new economy. The World Bank should, however, be in contribution to support funds and set up a good infrastructure to enable the economic recession.
During the recession, officials should consider technology at large (Davies, 2020). It could be wise if all the sectors could be granted a chance to engage in technology integration. However, the developing countries should also be considered; in such countries, they do not have enough funds to support technology integration. Through the leaders, support should be granted to ensure that every country can reset its economy.
Healthcare is among the systems that should be put on the front line during the economic reset. It has been discovered that the health sector has not been given its high importance up to this time when countries have shown a shortage of beds, and even people are dying due to fewer spaces in the hospitals (Lashua, Johnson & Parry, 2020). More strategies should be set where countries can respond to search emergencies and save the lives of its citizens. However, other considerations, such as the creation of jobs, should be considered. Due to the loss of jobs, people are worried about how they will recover; the governments should also take a chance to ensure that its citizens participate actively to receive their finances. However, with the development of new industries to save the economy, the governments will create new jobs hence sustaining its citizens financially.
References
Caro, B. (2020). COVID-19: The Great Reset. World Economic Forum. Retrieved from https://www.weforum.org/agenda/2020/07/covid-19-the-great-reset.
Davies, S. (2020). The politics of staying behind the frontline of coronavirus. Wellcome Open Research, 5(131), 131.
Duran, B. (2020). The Future of Global Great Power Competition after the Coronavirus. Insight Turkey, 22(2), 79-92.
Lashua, B., Johnson, C. W., & Parry, D. C. (2020). Leisure in the Time of Coronavirus: A Rapid Response Special Issue. Leisure Sciences, 1-6.
The Great Reset. World Economic Forum. (2020). Retrieved from https://www.weforum.org/great-reset.
