
Davos 2024: Navigating global challenges amidst changing priorities
Summary
The WEF’s recent report on the ‘10 Global Risks’ provides a guide for the conversations that will take place at Davos this yearAs the leading global policy makers and thought leaders gather in Davos for the World Economic Forum (WEF) 2024, there is heightened anticipation about the scheduled discussions on critical global issues dealing with the economic, technological and environmental trajectory for the coming years. The WEF’s recent report on the ‘10 Global Risks’ provides a guide for the conversations that will take place at Davos this year.
I can see a few key themes that will take centre stage in WEF 2024. The rising dominance of artificial intelligence (AI) is of course on the top of the mind of all participants. The economic outlook and strategies for global growth and sustainability are two other issues that will be in the limelight. Increased private sector engagement may also be in the spotlight. I also anticipate more nuanced discussions of geopolitical and Diversity, Equity, and Inclusion (DEI) issues.
AI takes centre stage
The past six months has seen the rise of AI dominating headlines across the world. It is therefore fitting that Davos is hosting an ‘AI House’ to recognize the increasing role of AI in shaping the global agenda. Multiple sessions on the official WEF programme have been set aside to have focused discussions on understanding and managing AI’s impact on various sectors and also the dangers of misinformation. AI also dominates several of the private sessions by companies that have a stake in the disruptive technology.
Economic outlook
Fears of a global slowdown and a recession in some parts of the world have not yet receded. I expect extensive discussions at Davos this year on the headwinds and tailwinds influencing the economic outlook for 2024. There is a lot of dialogue on navigating protracted challenges and finding solutions to propel global growth amidst geopolitical turmoil.
Sustainability at the forefront
Sustainability remains a steadfast agenda item at Davos and the global business community has acknowledged the urgency of addressing environmental issues. Europe has been the leader in environmental issues and commitments, with the US following suit. India and China, despite their economic development goals, are at the forefront of clean and renewal energy generation.
Surge in private sector engagement
Over the past few years, many big businesses had chosen to have a muted presence in Davos. This year, a surge in registrations, surpassing pre-covid levels, shows a heightened level of engagement. This is a clear signal of the desire among businesses to actively participate in addressing significant global challenges.
Shift in agenda: Geopolitics and DEI
Surprisingly, geopolitics seems to have been pushed to the background compared to previous years. There are fewer discussions around ongoing conflicts in Ukraine and Israel/Gaza as compared to the debates in early 2022, immediately after the Ukraine-Russia conflict had begun. Similarly, there are fewer official sessions around DEI though there are several private events addressing these, demonstrating how organizations are prioritizing the agenda.
Rajiv Memani, EY India chairman and regional managing partner, writes exclusively for Mint from Davos.