The World Economic Forum on Monday highlighted a dip in global cooperation when it unveiled a report ahead of its annual meeting in Davos, Switzerland, from Jan. 15 to 19.
The organization’s Global Cooperation Barometer 2024 revealed an overall decrease of 2 percent from 2020 to 2022, a downturn attributed to the escalating conflicts globally and a weakened commitment to peace and security cooperation.
WEF President Borge Brende said: “The greatest challenges – and the most promising opportunities – for our planet, societies, and economies are not bound by borders, which means the only way to address them is through cooperation.”
But despite a year marked by record-breaking temperatures and heightened global conflict, the barometer also identified areas of strength, notably in cooperation on climate and natural capital, trade and capital flows, and innovation and technology.
Developed in collaboration with management consulting firm McKinsey and Co., the barometer uses 42 indicators to measure five pillars of global cooperation between 2012 and 2022, namely trade and capital, innovation and technology, climate and natural capital, health and wellness, and peace and security.
Bob Sternfels, global managing partner at McKinsey and Co., said: “It’s clear that on some dimensions, the world has become increasingly divided, yet the barometer shows that when you look at the full picture, global cooperation has remained surprisingly robust over the last decade.”
In its accompanying report, the WEF pointed out the need for leaders to “reimagine cooperation and practice ‘coopetition,’” and noted that finding a better balance between cooperation and competition could help nations build trust and address global economic challenges.
According to the International Monetary Fund, the current global economy was in a “fragile state,” with anticipated growth stumbling in the coming months.
The baseline forecast for global growth was expected to slow from 3.5 percent in 2022, to 3 percent in 2023, and 2.9 percent in 2024, well below the historical average.
The report indicated that, despite the current geopolitical climate, deepening public-private partnerships in areas where key actors had critical operations and shared interests – for instance, in research and development, and harmonized regulation of artificial intelligence and emerging technology – would prove “imperative” in advancing global interests such as technological innovation and climate change and boost economic growth.