Hyper-localization vs importation

FOR the most part of 2020, the world economy almost stood still after the coronavirus struck. Scientists worked hard to create a vaccine, but Covid-19 had already caused damage to the health and economy of many countries. By 2021, supply chain disruptions have threatened food sufficiency. In February 2022, Russia invaded Ukraine, a major source of the world's food supply. The ongoing conflict and disruptions continue to mess up the world's food security.

Recurring economic issues

In 2023, the health situation in most parts of the world has normalized. But technological developments, climate change, demographic shifts and ongoing supply chain disruptions continue to perpetuate a VUCA (volatile, uncertain, complex and ambiguous) world environment. Food security remains a major global nightmare.

At that time, some economists predict that outsourcing production to low-cost countries may come to an end as governments think of ways to improve domestic supply security.

Futures Platform Content Director Dr. Tuomo Kuosa said, «Global recession and 'slowbalization' seem like certain things now, with the way the pandemic has exposed the vulnerability of national and global supply chains.»

At that time, some economists predict that outsourcing production to low-cost countries may come to an end as governments think of ways to improve domestic supply security.

Dr. Aleksi Neuvonen, co-founder of Demos Helsinki, clarifies that this does not mean that the world will go back to the way it used to be before globalization started. For one thing, manufacturing is now more automated. This means more widespread use of artificial intelligence and robotics, and therefore fewer jobs for humans. The pandemic has drastically changed consumer behavior,