The 2022 Global Risks Report published by the World Economic Forum on Jan 11 has a grim outlook for the future.
Experts and decision makers surveyed for the publication shared deep concerns about how 2022 will evolve amid geopolitical crises, uncontrollable natural events and deepening inequalities.
It's no surprise that climate change is the number one concern, and with that an array of other environmental issues.
A large proportion of the world population is concerned about how their lives will look like.
Amid such a gloomy scenario, one positive element for Malaysia is that the country will experience economic growth.
While growth might not reach the 6.8 per cent forecast by some analysts, an economic rebound will happen provided Omicron or future variants are tamed.
Yet, without stimuli and interventions to support those lagging behind, Malaysia will face difficulties to become a more equal and inclusive society.
The problem is that fiscal space is not unlimited and already over stretched.
At the same time, ensuring macroeconomic stability is fundamental and the government's work on the Fiscal Responsibility Act is praiseworthy.
This is the context in which Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz is working to reduce the 65 per cent debt to gross domestic product ceiling.
However, more subsidies, including cash support, might be needed, and this can pose challenges to these efforts.
Would smarter and more equal taxes be enough? Ultimately, the country is going to need a massive amount of money in the near and long terms.
These are going to be resources that will be indispensable not only to bounce back from the economic crisis caused by Covid-19 but also to turn around the economy and make it greener and more sustainable.
Therefore, attracting more investment will be paramount.
Yet, Malaysia should not just welcome any flow of foreign money and make sure these investments help the country get closer to a net zero carbon future.
Last week, at the World Economic Forum summit in Davos, Switzerland, there was a lot of discussion on stakeholder capitalism and the role multinationals can play in turning the tide.
The topic, a more human and ethically driven capitalism, is not new but there is a new momentum for corporations to step up.
In many ways, the Fridays for Future movement helped bring climate action to the top of the global agenda.
It does not matter if corporations act out of self-interest or because they are committed to the cause. What counts is that there are trillions of dollars ready to be invested.
Southeast Asia is going to be one of the main destinations of such investments.
To attract and make the best use of them, countries in the region need political stability and new bottom-up governance that includes their citizens.
Such partnership can embolden progressive policies that will convince investors and potentially make it easy to contract more sustainable debt to pay for the massive investments.
Can the political establishment in Malaysia continue to find common ground and work on the basis of shared priorities for the common good?
Surely a strong climate change bill can make the difference and attract the interest of the global community.
Political parties in Malaysia might diverge on an array of issues but they need to be together to deal with common challenges.
In this sense, there is wisdom in not rushing to hold 15th General Election this year.
The culture of bipartisanship must be strengthened and more venues for citizens' participation must be found.
A sense of civic responsibility is the best antidote to minimise the risks stemming from the common challenges Malaysia has to face.
The author writes on civic engagement, youth development, SDGs and regional integration in the context of Asia Pacific
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times