1. CONTEXT 1.1. Global context In today’s world, governments, businesses, and societies operate in a disruptive environment that can be described as volatile, uncertain, complex, and ambiguous, or known as VUCA. 3 In such an environment, powerful economic and geostrategic forces, termed as megatrends, reshape the world and the business landscape as we know it. The five megatrends that have largely contributed to the reconfiguration of the patterns of social, economic, and power relations within and between countries are a) the shift in global economic power, b) changing demographics, c) the rise of technology, d) accelerating urbanization, and e) climate change.4 As agents of both positive and negative growth, the megatrends affect almost everything. While these can bring opportunities to some, the resulting disruptions and imbalances present obstacles to achieving sustainable development that benefits all. Moreover, the emergence of the coronavirus disease 2019 (COVID-19) as the defining global crisis of our time has aggravated the impacts of the megatrends and the vulnerabilities of institutions, business models, and communities. Although these megatrends and the COVID-19 pandemic have had dramatic impacts, these forces also present an opportunity to bring about the necessary changes and transform the way society operates. For governments, businesses, and societies to thrive, it is necessary to manage the impacts and the resulting changes in the political, economic, social, cultural, technological, environmental, and legal aspects efficiently and collaboratively. Thus, it calls for a whole-of-society approach as we “adapt” and “adopt” to these circumstances. By working together to overcome the current disruptions and maximize the opportunities, a better, more just, and sustainable future can be created where human rights are of utmost importance and the benefits from economic growth are shared. Figure 1: The Five Megatrends 2