At the 76th United Nations General Assembly session in 2021, UN Secretary-General António Guterres warned governments and businesses of a growing intergenerational divide. Young people, he said, will “inherit the consequences – good and bad” of decisions made by today’s leaders in politics and business.

The generational contract captures this principle: that young and old depend on each other and are bound my mutual responsibilities. It reminds us of the importance to be good ancestors and of meeting the needs of the present without compromising the ability of young and future generations to meet their own needs.

Today, living up this principle through our actions is more relevant – but also more challenging – than ever.

The world is facing an urgent, multidimensional crisis, which can be expected to intensify even further. The Russian invasion of Ukraine has caused immense suffering, and further widened geopolitical divisions. The war has equally infected an economy still recovering from the Covid pandemic – causing energy shortages, soaring inflation, and supply chain disruptions. Tremendous uncertainty requires immediate action and crisis management through learning by doing.

At the same time, the current crisis overlaps with an acceleration of long-term developments that will define the world future generations will inherit. Labour shortages, floods and droughts are only some of their effects already visible today. Technological, demographic and climate change all require profound changes across organisations and systems. Such transformations in business, government or education cannot wait any longer and major steps are needed in every year of this decade.

This need to simultaneously face immediate crises and pursue long-term transformations is a defining feature of our time. So far, we have rarely been able to bring both perspectives together. For too long, a focus on immediate challenges has trumped our concern for longer-term developments. This reinforces a vicious cycle, where short-sighted responses lay the seeds for subsequent crises and urgent structural change is continuously postponed. As a result, the generational contract has been broken.

Yet, we know that crises can also serve as a catalyst for transformative change. The coming year and decade will require us to think, decide and act on multiple timescales simultaneously – and to face inherent trade-offs between current and future costs and benefits. To inspire such leadership at a moment of great uncertainty, the 52^nd St. Gallen Symposium in May 2023 will develop “A New Generational Contract”: What are core responsibilities between generations, and our duties to future ones? How can we advance long-term transformations while effectively responding to immediate crises?

Year-round and from 4-5 May 2023, leaders of today and tomorrow will explore these questions across five key areas:

Resilient Businesses and Economies: At a moment of great uncertainty, businesses face the challenge of combining crisis management and structural transformation. Soaring prices and supply chain disruptions call for immediate responses. The shift towards digital and sustainable business models requires long-term investments and commitment to change. How can businesses advance transformation in an age of turbulence?

Equitable and Effective Governance: Reforms to education, health and pension systems, as well as climate action, are crucial to meet future challenges. Yet, they incur costs today, while benefits are realised only after years. In the midst of an urgent geopolitical and economic crisis, governments need to make hard choices and confront trade-offs. We will explore policies that effectively respond to current crises without losing sight of long-term issues.

A Sustainable Transformation: The responsibility of those currently alive to leave young and future generations a healthy environment is an essential component of the generational contract. Climate change poses severe existential risks – but governments and businesses remain far off track to make the ambitious changes needed. How can we accelerate action to safeguard a healthy environment for the next generation?

Future Education and Learning: The Covid-19 pandemic has wiped out 20 years of global education gains. While still coping with the crisis’ impact, educational institutions are challenged to prepare for a technology-driven future of work where required skills and competencies will be largely different from today. We will explore how schools, universities and employers can enable the workforce and the next generation to thrive in the coming decades.

Responsible Innovation and Technology: Emerging technologies such as AI are transforming how we live, work and do business. In light of their immense future potential and considerable risks, it’s up to us to shape how we aim to use technologies and what it means to be human for future generations. How might we leverage innovation to bridge generational divides and shape a responsible use of disruptive technologies?

The discussions towards and at the 52^nd St. Gallen Symposium will directly inform a recently launched, global initiative for “A New Generational Contract”. Convened by the St. Gallen Symposium and the Club of Rome, the initiative will define core principles and priorities, and launch tangible projects, to foster equity and mutual support between generations.