Economy
Mint Primer: What to expect from the grand Davos meet
Summary
- “Rebuilding Trust” is the theme, to resurrect globalization after global supply chains were disrupted due to the pandemic and the wars in Ukraine and Gaza.
NEW DELHI : Leaders from across the world will congregate in the picturesque Swiss town for the 54th annual meeting of the World Economic Forum (WEF) against a backdrop of rising geopolitical tensions, high inflation and tepid global growth. Mint explains the agenda this year:
Is there a theme this year?
“Rebuilding Trust" is the theme, to resurrect globalization after global supply chains were disrupted due to the pandemic and the wars in Ukraine and Gaza. With other problems such as climate change, business leaders are expected to brainstorm on long-term solutions and the role of cutting edge technologies such as artificial intelligence (AI). Sub-themes this year include achieving security and cooperation, creating jobs and growth, and a long-term strategy for climate, nature and energy.
What are the likely outcomes?
The summit allows leaders to sit and discuss divisive issues. Besides the usual flashpoints (the presence of Ukraine President Volodymyr Zelensky is one) it will try to restore transparency in world affairs. One impact could be from the AI Governance Alliance, which WEF launched. It brings together tech players, governments and the civil society to find a way to govern AI. The First Movers Coalition, which aims to decarbonize heavy-emitting sectors, is likely to gather further momentum.
Who are attending the forum?
Over 2,800 leaders across geographies and industries will attend this year. Political leaders include Chinese premier Li Qiang, French president Emmanuel Macron, European Commission president Ursula von der Leyen, president of Argentina Javier Milei, and the Korean prime minister Han Duck-soo. There will be an estimated 1,600 business leaders.
What will be India’s role this year?
India’s delegation will be led by Smriti Irani, minister for women and child development. She will lead a 100-member business delegation. As the fastest growing economy in the world, India will seek to woo global investors and highlight its ambition to become a $5 trillion economy in the next few years as it chases a developed nation status by 2047. India is likely to use the forum to make a pitch as the most attractive market for companies looking beyond China. India will also showcase its success in renewable energy.
Is Davos still a big deal?
Davos has drawn criticism from activists as a cabal of the rich who only seek to further corporate interests. Activists say business leaders strut about in their carbon-emitting private jets and then talk about climate change. The more fundamental shift is in how the world is moving away from globalization. Countries are aligning themselves with like minded partners—forums like the Quad, for instance. These forums might make Davos less important in the future.
