Fixing global economy to take longer than expected

The global economy is facing significant challenges that will likely prolong the process of recovery. According to Economist Pierre Jacquet, the issues are primarily linked to fluctuating commodity prices and ongoing conflict risks across the world. In a recent interview with CNBC Africa, Jacquet highlighted the need to shift from a reactive mode to a proactive mode to better prepare for future crises. Jacquet emphasized the importance of not just reacting to current crises but also focusing on structural changes that could help manage future crises more effectively. He pointed out that constantly being reactive to issues is a major concern in both the global economy and the political sphere. This reactive approach often leads to higher costs and inefficient crisis management. Addressing the question of how to navigate the current economic challenges, Jacquet stressed the need to acknowledge that crises are a consistent part of life. Instead of hoping for stability, societies need to be equipped to manage and respond to shocks efficiently. This requires governments, institutions, and practices that can aid in a more effective crisis response. When it comes to Africa, Jacquet highlighted the significance of both global and African institutions in facilitating cooperation and trade among African countries. He commended initiatives like the free trade area for the African continent, emphasizing the importance of regional collaboration in amplifying African voices on the global stage. While there are efforts towards fostering collaboration and improving governance systems globally, Jacquet expressed concerns about the current state of global discussions. He noted that the existing global order established post-World War II no longer reflects the current economic landscape, with underrepresentation of key players like Africa and China. The strained relationships between major economies further complicate international dialogue, making it challenging to address collective issues such as climate change. In light of the ongoing Economic Forum discussions, Jacquet urged leaders in the financial and economic sectors to prioritize listening to diverse perspectives and recognizing the need for tailored solutions based on regional realities. He emphasized the importance of humility, openness to different values, and active participation in forums that facilitate constructive dialogue to address pressing global challenges. In conclusion, Jacquet underscored the necessity for ongoing dialogue and collaboration among nations to navigate the complex economic landscape effectively. The current crisis demands a new approach that combines humility, inclusivity, and a willingness to learn from one another, paving the way for innovative solutions for a more sustainable future.