Rich and powerful countries around the world are heading to the Swiss resort of Davos to attend the World Economic Forum meeting. This annual event takes place at a time when the world is witnessing a devastating war in Gaza and Ukraine, breakthroughs in artificial intelligence that cause as much excitement as worry, along a catastrophic debt crisis amid an economic slowdown and climate deterioration.
More than 2,800 people, including more than 60 heads of state and government, are scheduled to attend the forum for 5 days starting Monday, January 15. It was agreed that the theme of this year’s meeting of global political and business leaders, celebrities, and prominent social activists will be “Rebuilding Trust.”
“This year’s theme comes in direct response to the clear erosion of trust in societies and between countries,” Mirek Dusek, Managing Director of the World Economic Forum, said during a press conference. He added that some might link the matter directly to “the profound transformations around us, whether geopolitical, geoeconomic, or those related to climate and nature.”
Gaza and Ukraine are at the top of the agenda
Top political leaders participating include French President Emmanuel Macron, European Commission President Ursula von der Leyen, and Chinese Premier Li Qiang. Newly elected Argentine President Javier Milley is also expected to attend.
The United States will be represented by Secretary of State Anthony Blinken, who will be joined by parties involved in the war in Gaza, including Israeli President Isaac Herzog and Qatari Prime Minister Mohammed bin Abdul Rahman Al Thani, to discuss ways to end the conflict in the Strip and avoid further escalation that many fear.
The war in Ukraine is expected to occupy a large area this year as well. President Volodymyr Zelensky is also expected to attend
To meet in person to rally support for his country, at a time when the United States and the European Union are struggling to obtain billions of dollars in vital aid for Kiev.
Economic fears and debt crisis
Slowing economic growth and an ongoing cost-of-living crisis amid skyrocketing interest rates are affecting people all over the world. The World Bank recently warned that the global economy is on track to end 2024 with the slowest half-decade of GDP growth in 30 years.
While fears of a global recession have eased thanks to strong growth in the United States, some concerns escalating geopolitical tensions could derail the recovery process. Slowing growth in China, the world’s second-largest economy, has also darkened the outlook for many developing countries in Africa and Asia.
Another issue that will also dominate the agenda is the massive levels of debt that developing economies – many of them in Africa – have accumulated in recent years to deal with multiple crises such as the COVID-19 pandemic, energy shortages and climate change.
Today, 3.3 billion people live in countries that spend more on interest payments than on education or health, according to the United Nations. Many developing countries acknowledge that their fiscal coffers are under pressure amid rising food and energy costs and rising borrowing costs.
Davos…social entrepreneurs for real change
The state of the economy and the debt crisis will be at the top of the agenda of African leaders who are expected to attend the summit in large numbers, led by Nigerian President Bola Ahmed Tinubu and his Kenyan counterpart, William Ruto.
“When it comes to Africa, it is still about building confidence in the continent as a vibrant, vibrant hub, as well as about current and future opportunities, especially the demographic dividend,” said Leonard Stigler of Africa Collective, a platform promoting African interests for global investors.
“When it comes to creating future job opportunities and unleashing the workforce of the future, Africa is a place to look to, and this is something African leaders are looking to strengthen,” he said in an interview with DW.
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