About The Author Prof. Stephane Garelli, is Professor Emeritus at IMD Business School Lausanne. He is considered a leading authority on world competitiveness, having founded the World Competitiveness Center. Formerly a managing director of the World Economic Forum and of the Davos Annual Meetings, he was also chairman of the FF Sandoz Financial and Banking Holding.

Now, the urgency is obviously to resolve the Covid-19 crisis. Later, nevertheless, it will also be essential to think about what shall happen next. Life will resume after the crisis, but we shall not be immune to more crises in the future. We are in a world of disruptions, such as natural disasters and pandemics. After Covid-19, business cannot resume as usual.

The current world economic model is operating on two principles: globalization and just-in-time. This paradigm has enabled a substantial reduction in production costs. It led to the development of many countries, particularly in Asia, which have become the workshops of the world. While the effectiveness of such a system has been proven, we now realize that it is also very vulnerable.

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