The Banking Executive Magazine - December Issue 2022

ISSUE 168 DECEMBER 2022 the BANKING EXECUTIVE 1 Editorial THE GREAT RESET: HOW 2022 TRANSFORMED THE WORLD The World has witnessed major geopolitical, economic and technological events that had a profound impact on the world. It marked a major shift in the way that economies and societies functioned, as countries around the world implemented new policies and technologies to address the challenges and opportunities of the 21st century. One of the most significant effects of the Great Reset was the acceleration of digital transformation. With the rapid spread of the coronavirus in 2020 and 2021, many businesses and organizations were forced to move their operations online in order to survive. This shift to remote work and e-commerce led to a massive expansion of the digital economy, as companies raced to adapt to the new reality of a world that was increasingly connected and interconnected. In addition to the digital transformation of the economy, the Great Reset also saw a renewed focus on sustainability and social responsibility. As the impacts of climate change became more pressing, governments and businesses around the world began to implement policies and practices that aimed to reduce carbon emissions and promote environmental conservation. This included investments in renewable energy, the promotion of circular economies, and the development of new technologies that could help to mitigate the impacts of global warming. One of the most controversial aspects of the Great Reset was the role of government in shaping economic policy. Some experts argued that the pandemic had exposed the fragility of global supply chains and the need for greater government intervention in order to ensure the stability and resilience of national economies. Others, however, argued that excessive government intervention could stifle innovation and creativity, and that the private sector should be allowed to drive economic growth. Overall, the Great Reset of 2022 was a transformative event that had a significant impact on the global economy. It led to the rapid expansion of the digital economy, a renewed focus on sustainability and social responsibility, and a debate about the role of government in shaping economic policy. As the world continues to grapple with the challenges and opportunities of the 21st century, the lessons of the Great Reset will continue to shape the way that economies and societies function for years to come. Dr. Joseph Torbey, Chairman - World Union of Arab Bankers