What's the state of global cooperation in 2024?

What’s the state of global cooperation in 2024?

Cooperation is the backbone of a functioning global society. While different countries have views that are at odds with their neighbours, that does not stop them from working together where common interests exist. 

Global cooperation allows countries to thrive and prosper together. This holds true today as it does in the past, but how do we fare in this regard?

How’s global cooperation in 2024?
The World Economic Forum’s Global Cooperation Barometer breaks down the story of global cooperation into five pillars: trade and capital, innovation and technology, climate and natural capital, health and wellness, and peace and security. Let’s take a look at how the world cooperates through these five pillars and where each trend is taking us in and well beyond 2024. 

Trade and capital
Trade and capital were hit hard by pandemic-related disruptions but remain in a growth trajectory between 2021 and 2022 – a testament to the resilience of global trade. However, this growth slowed down in 2023. Growing geopolitical tensions and various trade restrictions make future global cooperation in this area unclear and unpredictable. 

Innovation and technology
Global cooperation in innovation and technology has consistently seen significant growth until 2020, especially in the data and IT industry. It has declined since then, mainly due to the pandemic and national security concerns marked by restrictions on strategic tech such as semiconductors and 5G. The decline in global innovation and technology cooperation may continue, unless world leaders commit to greater cross-border collaboration and streamline their approach to frontier tech like generative AI. 

Climate and natural capital
Greenhouse emissions remain a major concern; while emissions remain rising, more global players are committing more capital to reducing their greenhouse footprint. There is also marked advancement in nature protection, albeit at a far limited scale. The trends suggest greater cooperation in this area, although leaders may need to double down and expand their efforts to achieve a breakthrough. 

Health and wellness
Cooperation in health and wellness has seen a huge spike in 2020, declining after the pandemic, and steadily rising again since 2021. This is mainly due to the reallocation of resources after Covid-19 has subsided. There are still plenty of opportunities for increased cooperation, especially in areas of pandemic preparedness, chronic diseases, synthetic drug abuse and mental health. 

Peace and security
Although peace and stability are the foundation of the current rules-based order, global cooperation in this sphere is at an all-time low since 2020. There has been a sharp rise in forced displacements and cyberattacks, while conflicts such as the wars in Gaza and Ukraine have negatively impacted peace and security cooperation between their respective stakeholders. This will be a major challenge in years to come, and key players will have to work together to support displaced people and improve cybersecurity worldwide.

To conclude
Global cooperation remains high across the majority of the five pillars, with peace and security as a major concern. The future presents so many opportunities for global players to work together. If all goes well, we might still see a bright and peaceful future ahead.

About Sam P

EnterpriseZone Staff Writer

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