3 insights for the policymakers of the future
We live in strange times. Everything around us is moving at the speed of light, and we are always trying to catch up.
To keep up, we need organizations to hold the world apart, so we can speed up to meet the new demands.
So, policymakers of the future, this one is for you.
Detach, Rethink, Rebuild
Policymakers of the future need to review and update regulations to keep pace with changes in the business world.
This includes standardizing regulations, such as the relationship between companies and tax authorities, across countries and continents to simplify processes and reduce complexity. This is a critical component of good governance and a prerequisite for a healthy business environment.
Policymakers should approach this task with accuracy, fairness, and consistency while being mindful of the broader implications of their decisions.
Balance it Out
There is a need for more balance and stabilization in the global economy. Policymakers should consider adopting measures that support smaller and less developed economies during times of economic uncertainty.
Such measures could include providing financial assistance, offering trade concessions, or supporting development initiatives.
By doing so, larger economies can foster a more equitable and sustainable global economy, which benefits all nations.
Embrace the Unpredictable
Policymaking needs to start accounting for the unforeseen, the unpredictable, and the unexpected.
By moving away from rigid and linear policymaking processes that assume a static and predictable environment and by embracing a "Think, make, break; repeat" mindset, policymaking will recognize the dynamic and uncertain nature of the world we live in, allowing policymakers to have more opportunities to take calculated risks.