January 21, 2026 Davos Eyewitness: Kearney’s Per Hong on Global Disorder

In comments shared with Industry Today, Kearney’s Per Hong reflects on Davos debates reshaping global business assumptions.

Big picture: changing assumptions and a fundamentally different operating environment in global business. Stepping back, my sense is that this year’s WEF discussions are less about “what’s next” and more about whether a set of assumptions that have quietly underpinned global business for decades will remain intact. Markets may still be functioning, but the operating environment feels fundamentally different; Davos certainly reflects that tension.

Three themes dominating the conversation:

Recognizing narrowed choices could be an issue. Where Davos may fall short is in grappling honestly with optionality. Many discussions focus on adaptation and resilience, but fewer will confront how quickly choices can narrow once political, regulatory, or national-security logics take hold. There is still a tendency to assume neutrality, that companies can remain above or outside these dynamics, when history suggests that assumption erodes faster than expected.  Greenland, Venezuela, and Iran all show that this is not the case. Trade, geopolitics, technology, and security are increasingly intertwined, and leaders know, even if they don’t always say it publicly, that yesterday’s playbooks are wearing thin.

Davos is for making sense, not decisions. As for actionability, Davos is highly useful for sense-making, but less so for decision-making. It’s an invaluable place to understand how leaders are interpreting the moment, where fears are converging, and where blind spots persist. While I am having a number of honest conversations with CEOs, the real work will come afterward: translating those insights into strategy, governance, and choices about where, and how, to engage in a more power-constrained, disrupted world.

Per Hong, is the global lead of Kearney Foresight and a partner in management consultancy Kearney’s Strategic Operations practice.

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