War in Ukraine, climate change, consequences of the pandemic and economic downturn in many parts of the world – the multitude of current problems overshadows the World Economic Forum in the Davos mountains. Hyper-globalization is said to be at an end, the world economy is probably on the eve of de-globalization. The best message: Responsible politicians and business leaders are again talking to each other personally in large numbers.
At first glance, everything is as usual: right on time for the start of this year’s World Economic Forum (WEF) in Davos, there is snow and cold. Shoe retailers are already looking forward to empty snowshoe shelves. Clothing stores have stocked up on thick jackets and sweaters.
If they are open. Most stores are closed. Even more than at the last summit, which took place in May last year after a two-year Corona break. Leased to foreign corporations and other organizations. Converted into snazzy representative offices and meeting hubs. Restaurants and hotels have increased their prices significantly for the coming days. That’s always the case when politicians and business leaders populate Davos. Supply and demand set the price.
Nevertheless, everything is different. The list of problems weighing on the global economy is simply too long. Optimistic forecasts are not to be expected. Even the otherwise optimistic WEF founder Klaus Schwab paints the future in gloomy colors. He diagnoses an erosion of confidence and increasing fragmentation in the global economy. The world is at a “critical turning point”.
Disillusionment and a new honesty breaks ground. Accordingly, this year’s motto of the summit: “Cooperation in a fragmented world”. After all: The number of participants is back to the pre-Corona level. Never before in the history of the forum, founded in 1971, have there been as many registrations as this year. People want to have personal discussions again, exchange ideas, talk. And there is a lot to talk about. The 3,000 guests, including 52 heads of state and government as well as hundreds of top managers and their delegations from all parts of the world will certainly not run out of topics to talk about against the background of the many question marks of fragmentation.
Guterres and expected from the Leyen
As well as. The agenda is richer than ever before: the energy and food crisis in the context of climate change is discussed. Like the consequences of inflation, low growth and debt. Flanked by issues of technological change, artificial intelligence, skills shortages and geopolitical risks.
The guest list includes high profile names. UN Secretary-General António Guterres will be in Davos. Also EU Commission President Ursula von der Leyen, ECB President Christine Lagarde, Finnish Prime Minister Sanna Marin, Dutch Prime Minister Mark Rutte, and – as the only representative of the G7 – Germany’s Chancellor Olaf Scholz. And with him a number of ministers. The First Lady of Ukraine, Olena Selensky, will also speak at the WEF. Kiev’s Mayor Vitali Klitschko is also coming.
How will things continue after the feared end of the previously known globalization that has been celebrated in Davos for many years? Nobody will like to predict that at the moment. There are hardly any optimistic forecasts. The explanation attempts by the actors discussing in Davos will be all the more exciting.
That those responsible are back in person in large numbers while the world economy is de-globalizing, as many experts are currently expecting, is probably the most important and optimistic message to come from this year’s meeting in Davos.