That assumption did not survive the period from 2020 to 2026.
At its core, this is a sovereign balance sheet problem. The asset side is increasingly exposed to system-level fragilities, while the liability side remains anchored in fiscal, political, and macroeconomic constraints that are slow to adjust. The mismatch is structural.
The world’s critical systems, including energy grids, trade corridors, logistics chains, and digital infrastructure, are the load-bearing structures of modern economies. When they function, markets allocate and growth compounds; when they fracture, effects are non-linear, system-wide, and often irreversible.
This is not a sequence of crises. It is a shift in the structure of returns.
Read the note prepared by Udaibir S. Das and Kristian Flyvholm by invitation from the Abu Dhabi Sustainability Week.