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“The Global Cooperation Barometer 2024” has been released  by the World Economic Forum (WEF).

About the Global Cooperation Barometer 2024 Report

• McKinsey & Company has collaborated with WEF to prepare it.
• Methodology: It used 42 indicators from 2012 to 2020 to measure five pillars of global cooperation namely: 

• Utility: It is meant to serve as a tool for leaders to better understand the contours of global cooperation.

• Challenges: New power dynamics, changing demographic realities and breakthrough frontier technologies.
  • They are bringing back the long-simmering distrust rather than fueling opportunities for benefit.

Global Cooperation Barometer 2024 Report Findings

• Broad Trend: Despite demonstrating resilience, cooperation saw a 2 percent decline from 2020 to 2022. 
  • Trade and capital: Trade and capital cooperation grew through the pandemic disruption, but slowed in 2023; geopolitical tensions and new restrictions make the future path unclear.
  • Innovation and technology: Flows of data, IP and international students increased cooperation until 2020, but new questions have arisen about how to work together to harness opportunities.
  • Climate and natural capital: The level of cooperation for climate and natural capital has been rising steadily, due largely to increased commitments, but emissions also continue to rise.
  • Health and wellness: Cooperation in health and wellness rose swiftly in response to the pandemic, but appears to be returning to historical patterns.
  • Peace and security: Cooperation in peace and security has declined since 2016 and has plummeted recently.
• Health Cooperation: 
  • Positives: Freely available COVID-19 genome, accelerating vaccine development, and health-related aid flowed to emerging economies. GAVI, the Vaccine Alliance, also played a pivotal role in providing basic life-saving vaccines. 
    • Health outcomes like life expectancy, disability-adjusted life years (DALYs), and maternal and child mortality improved from 2012 through 2019.
  • Before 2020, most indicators of health cooperation, such as health development assistance, trade in health goods and health-related R&D and IP flows, grew slowly and steadily.
  • Negatives: Overall life expectancy and disability-adjusted life years (DALYs) suffered due to COVID-19-related deaths and the diversion of resources from other health priorities.
    • Life expectancy at birth declined to 71 in 2021 from 72.8 in 2019.
    • As the immediate impact of COVID-19 subsides, global health cooperation appears to be decreasing but remains above 2019 for certain metrics.  
  • Communicable Diseases: This means that 14 million more people contracted malaria and 69,000 more people died from it than in 2019.

Global Cooperation Barometer 2024 Report’s Key Recommendations

• The entities prioritizing strong cooperative arrangements are more likely to recover effectively from supply disruptions.
• International partnerships will be crucial for deepening basic research on a variety of health conditions, ranging from chronic disease to clinical trials.
• Sustained cooperation is needed against synthetic drugs globally. Eg- fentanyl, tramadol, methamphetamine, captagon, and ketamine. 

Also Refer: Global Risks Report 2024

News Source: DTE