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Publisher's Letter:��Mark Frey��

We chose “Security” as our theme for the third issue of Trends in the New Economy. This is top of mind for businesses around the world as uncertainty in its many forms continues.

In this issue, our contributors cover subjects as varied as understanding sanctions and regulatory changes; “great power” competition and the potential opportunities for businesses; how partnerships are being transformed; and the challenges of keeping data and systems secure in a more digitalized world. We also gathered several of 91�����’s functional team leads to share their perspectives on business continuity planning, which is ever more important.

Many of the through-lines in our global discourse seem paradoxical. We operate in a deeply interconnected global economy, albeit a less trusting one. The world is more divided, but new alliances and relationships are forming as some spheres rebalance. Skirmishes break out and wars drag on. Fault lines we didn’t know existed are opening up in our always-on world.

More of the world’s goods and services are available to more people. With the increase in digitalized business processes, business can move faster and more efficiently. Even a small business has the world within its reach.

At the same time, cyberattacks are on the rise, as is identity theft. Hacking has increased as digitalization has. The explosion of artificial intelligence applications terrifies some and delights others: these tools may enable more ‘bad actors’, but also give the ‘sheriffs’ across business operations more ways to address evolving challenges with tools that are themselves evolving. Climate issues are more extreme, including record-high temperatures, drought, wildfires, historic flooding and other catastrophes, but this is a spur to innovation and investment globally.

Fears of a recession seem more muted than they did six months ago, though they have not entirely dissipated. Many central banks’ interest rate increases seem to have had the desired effect of slowing inflation in some jurisdictions, but both bankers and investors are keeping a weather eye out in a more complex global economy. Some investors are becoming more cautious. ��Public offerings have declined but this might be a net positive for funds’ portfolio companies, and for startups, to find their feet.

In our first issue of Trends in the New Economy: All of the above, we described recent events in our global economy as tectonic, not seismic, as we expected their effects to have lasting repercussions.

In our second issue, Recession, Recovery and Resilience, we addressed tactics to help businesses manage a possible slowdown.

Most of what’s happening is beyond the control of business owners, but new opportunities exist. Time marches on, but change occurs at its own uneven pace: racing at times, pausing and stumbling at others, but plunging headlong nonetheless. Taking a moment for reflection and planning as the pendulum swings may allow some time for preparing for the next exciting phase.

Cultivating an agile and flexible mindset can allow you to take advantage of opportunities, navigate uncertainty, and thrive in changing times.

We are grateful to our contributors for their time and their generosity. We hope their insights help you shape your own planning.

Be vigilant; be nimble; be tolerant; plan for change and resilience. We’ll be by your side every step of the way.

As always, we welcome your comments and suggestions. And if you’d like to speak to one of our team about how we might support your business, please get in touch at any time.

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