American Journal of Economics 2019, 9(6): 320-327 DOI: 10.5923/j.economics.20190906.06 Framework for Mitigating Coming Socioeconomic Crisis Mohamed Buheji * , Dunya Ahmed Founders of the International Inspiration Economy Project, Bahrain Abstract In the last decade, the economic crisis has been in rapid rhythm spikes, with a frequency never like before. The future foresight even found to carry more sudden and unpredictable spikes for both the economy and the socio-economy. Such foresight of socio-economic crisis unless mitigated it would cause catastrophic deterioration to the quality of life, where areas of education, health and stability would be negatively affected. The objective of the paper is to investigate the types of socio-economic crisis that can be foresighted. The researchers try to approach this through qualitatively monitoring the developments of the socio-economic models and define specific areas of how to turn ‘challenges into opportunities’. The framework proposed in this paper target to bring-in sustained outcomes that can change how we deal with the coming socio-economic challenges. The conclusion has clear implications on the way many communities and countries are addressing the sustainable development goals (SGDs). Keywords Socio-economic Crisis, Future Foresight, Socio-economic foresight, Resilience Economy, Inspiration Labs, SDGs, Mitigating Socioeconomic Crisis 1. Introduction Most emerging economies are trying to differentiate their growth and development by differentiating their socio-economic vulnerability to external and internal factors. Thus, the world is expected to experience a transformation from the traditional ‘hard economic interventions’ to more ‘foresighted socio-economic interventions’ that focuses on integration of multi-disciplinary approaches towards a specific country or community problem, or development needs. Graham (2019). This paper discusses the types of the coming and the foresighted socio-economics crisis and risks, with a focus on the contemporary ones. The literature of the impact of socio-economic challenges on the quality of life is reviewed, considering their linkages to sustainable development goals (SDGs). Astrov et al. (2018). The researchers review the possible wealth that can be generated through managing the foresighted socio-economic issues, or re-inventing then which would lead to raising the targeted community socio-economic preparedness through focusing on the ‘availability’. Then, proactive preparations for the socio-economic crisis are proposed with suggestion to be linked with the foresighted national plans. Buheji (2019a). This longitudinal study is part of the International Inspiration Economy Project (IIEP), which uses a * Corresponding author: buhejim@gmail.com (Mohamed Buheji) Published online at http://journal.sapub.org/economics Copyright © 2019 The Author(s). Published by Scientific & Academic Publishing This work is licensed under the Creative Commons Attribution International License (CC BY). http://creativecommons.org/licenses/by/4.0/ methodology called Inspiration Labs (ILs) to solve the current or the foresighted socio-economic through focusing on models that can be generalised, Buheji (2019c). All the ILs were conducted by the researchers directly through the period from 2015 till 2019. The ways that socio-economic models are built to engage the middle class in their socio-economic challenges and make them active in identifying coming challenges. Buheji (2019a). The reviewed literature helps to develop the methodology that lead to categorising the socio-economic crisis preventions by mainly two types: prevention of crisis (called for short PC) and mitigation of crisis (called for short MC). Such categorisation can suggest further research about the role of the community and their type of economic empowerment if they are to absorb socio-economic crisis in the future. 2. Literature Review 2.1. Types of Socio-Economics Risks Systematic examination of socio-economic information helps to identify potential threats, risks, emerging issues and opportunities. For example, any negative impacts on human welfare such as the provision of essential services of (food, water, energy, transport, communications, etc.) would help to improve the psychological impacts. i.e. Mitigation of such risks would improve the confidence and the trust in socio-economy. Astrov et al. (2018). Through conducting risks evaluation of the socio-economic challenge and then comparing the results with best sustainability criteria, we can determine the magnitude of tolerance that would improve the social values.