Three findings from the Kultaranta Talks 2020 on the impacts of COVID-19

Inclus was trusted to facilitate Kultaranta Talks 2020 hosted by the Finnish President Sauli Niinistö. The virtual working groups, led by Risto Siilasmaa, examined the major impacts of COVID-19 on the economy from various perspectives. Inclus was used to collect information from respondents prior to workshop to better understand the potential impacts of COVID-19, from which dialogue could be facilitated. Once the talks began, there was only limited time for inputs, discussions, and outputs. Inclus provided the platform which gathered, categorized, and rated risks based on their short- and long-term impacts, the severity of the impact, and what could be done to mitigate it.

#1 Finding: Digitalization takes a major step forward

The working group identified several significant changes in the current economic landscape that dealt with digitalization. The current pandemic was expected to drive these changes especially in long term, as several issues were ranked as top impacts of COVID-19 within 2-5 years. Several respondents expected these changes to occur in short term as well.

#2 Finding: Large short-term impacts on tourism and business travel as well as on consumer behaviour

In short-term, COVID-19 was expected to hit hardest on tourism and business travel and to have a large impact on changing consumer behaviour. Several issues among these categories ranked as top short-term impacts. The third most prominent category of short-term impacts covered financial and political challenges.

#3 Finding: Acceleration of deglobalization

The acceleration of deglobalization was included in a great number of topics that were identified prior to workshops. In the assessment, some of the topics appeared to be much less affected by the current 2020 pandemic. However, there were five issues that ranked as a top impact in long term. Even though the top 10 long-term impacts included various topics, acceleration of deglobalization included five issues that ranked among the top long-term impacts. This is by far the greatest number of top long-term impacts in any category. Even though there was moderate deviation regarding the respondents’ views in many issues, they did not differ significantly from other topics.

If you are interested in learning more about how to utilize Inclus in your foresight, scenario, or risk management work, please contact us. From the technical point of view, there is much more to explore. For example, we did not open the content of the individual impacts in this blog. You can also ask the full report for your personal use from mikaeli.langinvainio@inforglobe.com (provided on case-by-case basis).

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