Countries seek global solution at World Economic Forum

WEF Davos opens amid global economic challenges ranging from political tensions, interest rate risks to technological advances.

On January 15, the World Economic Forum (WEF) opened in Davos (Switzerland), with the theme of Rebuilding Trust. This is the largest event since the Covid-19 pandemic, with the participation of nearly 100 senior leaders of countries and international organizations, and about 3,000 leaders of global corporations and businesses.

The event took place against a backdrop of complex global economic conditions, including rising debt and shifting central bank monetary policies.

This backdrop will dominate the agenda this year, according to WEF Managing Director Jeremy Jurgens. “We forecast global growth of 2.9% in 2024. At least the economy is picking up. But it could have been higher,” he said.

Jurgens said that two regions saw a surge in participation this time, Latin America and Asia, which represented “a major shift in the global economy.”

Outside the World Economic Forum (WEF) in Davos, Switzerland. Photo: Reuters

About 530 business leaders from the banking, insurance and investment sectors are expected to attend the conference, a WEF official told Reuters . A closed-door meeting on January 17 will be attended by more than 100 presidents and CEOs of financial companies. The session will focus on risk management amid geopolitical tensions, macroeconomic uncertainty and emerging technologies.

Analysts say businesses are facing a complex environment. Global growth is slowing as many economies grapple with high interest rates, political risks and the fallout from the pandemic.

“This summit is important. The pressing issues to address are climate change, political tensions, technological advances and economic concerns,” Deloitte Global Chairman Anna Marks said in an email. The explosion of artificial intelligence over the past year is expected to change the global economic outlook.

Two major wars and a shipping crisis mean discussions this year will be lively. WEF Executive Chairman Borge Brende said the focus of the summit would be high-level discussions on the wars in the Middle East, Ukraine and Africa. “We want to bring the people together to see how we can solve these challenging problems,” he said.

For some, this year’s conference is truly about long-term issues. Karen Harris, director of Bain & Company’s Macro Trends Group, said previous years’ events have been affected by the pandemic.

“This is the first WEF in a few years where we can really focus on what the next decade will bring, rather than talking about economic recovery or business cycles,” Harris said.

Prime Minister Pham Minh Chinh is expected to attend and speak at important discussions of the WEF. The Prime Minister will also chair many seminars and bilateral meetings with leaders of countries, international organizations and businesses.

Ha Thu (according to Reuters, CNN)

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