COVID-19 is forcing us to rethink responsible approaches to business

SourceWorld Economic Forum
CountryMiddle east

The pandemic has exposed vulnerabilities in the working conditions that companies provide for employees. Businesses must consider societal needs and ethical standards, not just short-term profits. Companies with robust governance and a responsible business approach are likely to dominate their sectors after this recession. The race to find COVID-19 vaccines is still far from over, yet there is cautious optimism that we will gradually return to normality during 2021. It is however already evident that companies with robust governance and a responsible approach to business have continued to thrive. The economic impact of the coronavirus pandemic continues to surprise. According to the IMF, the global GDP contraction forecast for 2020 is more than double the estimates made at the height of the global financial crisis in 2009.

Nonetheless, rising stock markets and a visible path to economic recovery inspired by the good news about vaccines suggests that the situation is not as dramatic as many had thought. But, as the world eventually returns to normal, it will discover that 2020 has taught us a valuable lesson: we can no longer rely on ways of doing business that aim simply to preserve the status quo. Corporates and investors more...