Prolonged Recession Likely Due To COVID-19, Finds WEF Report

However, the report also notes that risk managers predict a “green recovery” and more resilient, “cohesive, inclusive and equal societies” that can come out of the crisis if leaders act quickly.

“The crisis has devastated lives and livelihoods. It has triggered an economic crisis with far-reaching implications and revealed the inadequacies of the past,” said Saadia Zahidi, managing director of the World Economic Forum. “We now have a unique opportunity to use this crisis to do things differently and build back better economies that are more sustainable, resilient and inclusive.”

Meanwhile, John Doyle, president and CEO of Marsh, stated that organizations were already dealing with a “complex and interconnected global risk landscape” before the crisis hit that is now intensified.

“From cyber threats to supply chains as well as the well-being of their colleagues, businesses will now rethink many of the structures they formerly relied on,” said Doyle. “To create the conditions for a speedier recovery and a more resilient future, governments and the private sector need to work together more effectively. Along with major investments to improve health systems, infrastructure, and technology, one of the outcomes of this crisis has to be that societies become more resilient and capable of withstanding future pandemics and other major shocks.”