WEF – The Global Cooperation Barometer, 2024

The World Economic Forum (WEF) has released its Global Cooperation Barometer 2024, highlighting the need for global collaboration to address complex challenges. The report states that the global economy is in a fragile state, with growth expected to be below historical averages. Revitalizing trade is crucial for economic recovery, but there are concerns about global fragmentation which could lead to a potential 7% reduction in global GDP. Technological innovation, particularly in artificial intelligence (AI), is seen as a key driver for productivity growth. However, global coordination is necessary to unlock its potential and manage any negative consequences. The report also emphasizes the importance of global cooperation in addressing climate change, promoting health and wellness, and ensuring peace and security. The current state of global cooperation is measured across five pillars: trade and capital flows, innovation and technology, climate and natural capital, health and wellness, and peace and security. While some areas have shown positive trends, such as trade and capital cooperation during the pandemic, others have declined, such as peace and security cooperation since 2016. The report suggests that leaders in business and government should reimagine cooperation in the face of ongoing geopolitical tensions and competition. It emphasizes the importance of "coopetition" - balancing cooperation and competition - to advance shared interests, build mutual trust, and promote resilience.