Unwanted reset: Will multiple crises bring down our economies? | Business | Economy and finance news from a German perspective | DW | 10.01.2022

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Unwanted reset: Will multiple crises bring down our economies?

At the 2020 World Economic Forum, world leaders sought to usher in a new era of greener, smarter, and more equitable growth, calling the plan "The Great Reset." A series of crises is now threatening to undo progress.

When the world's political and business elites met with about 400 stakeholders from civil society for the 50th World Economic Forum (WEF) in Davos in 2020, a global plan called "The Great Reset" was born, aiming to rebuild our societies and economies in "more resilient, equitable, and sustainable" ways.

The leaders wanted to use the emerging COVID-19 health crisis as an opportunity to "reset and reshape" the world in a way that is more aligned with the United Nations Sustainable Development Goals such as fighting climate change and overcoming inequality and poverty.

Even though conspiracy theorists of all stripes are denouncing The Great Reset as an agenda of world elites to take control of our personal and economic lives, the plan is now coming under pressure from present-day realities themselves.

Disrupted global supply chains as a result of the pandemic is intensifying the reshoring of production, undoing the benefits of globalized trade and fueling inflation. Geopolitical tensions between the Western world and China have already unleashed tariff wars, while the hot war between Russia and Ukraine is threating to upset the free flow of energy and food around the world. 

On top of all this, tower the giant problems of climate change, hunger and the COVID-19 pandemic that are still far from being resolved. DW takes a look at the unintended consequences of a reset that nobody wants.

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