With the risk of a recession in 2023 continuing to loom over major economies, what steps can leaders take to make a potential recession as short and as shallow as possible?

Speakers: Francine Lacqua, Douglas L. Peterson, Axel Lehmann, Laura M. Cha, Mário Centeno

00:00 Introduction
01:40 Discussion begins

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

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As the economic climate becomes increasingly uncertain, it is crucial for businesses and individuals to take steps to prepare for a potential recession. At the World Economic Forum in Davos 2023, experts from around the world will convene to share their insights and strategies for staying ahead of economic downturns.

One key principle for staying ahead of a recession is to be proactive, rather than reactive. This means taking steps to mitigate risks and build resilience before a downturn occurs, rather than waiting until it is already underway. Businesses can do this by diversifying their revenue streams, cutting costs where possible, and building up their cash reserves. It is also important to stay aware of economic indicators such as interest rates and consumer confidence, which can provide early warning signs of a downturn.

Another important factor in staying ahead of a recession is to embrace innovation and adaptability. This means being willing to pivot quickly in response to changing market conditions, and investing in new technologies and business models that can help to drive growth and efficiency. For example, businesses that adopt digital technologies such as artificial intelligence and blockchain can gain a competitive edge in a rapidly changing market.

Finally, it is worth noting that a recession can also provide opportunities for growth and innovation. Businesses that are able to weather the storm and adapt to new market conditions may find that they emerge stronger and more resilient than before. By investing in long-term growth strategies, such as expanding into new markets or exploring new business models, companies can position themselves for success in the years to come.

Overall, staying ahead of a recession requires a combination of proactive risk management, adaptability, and a willingness to embrace change. At the World Economic Forum in Davos 2023, experts will share their insights and strategies for navigating these uncertain times, helping businesses and individuals to prepare for the challenges and opportunities that lie ahead.