Economic uncertainty and ongoing war cast a cloud over Davos
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Summary
DAVOS, Switzerland — The annual summit of the world’s financial elite is often a mix of braggadocio and cocktails, with finance ministers and billionaires rubbing elbows and trying to one-up each other on the next big thing.This year, though, many are worried the “next big thing” might be “the next big recession.”Beyond the mandatory coronavirus tests, the mood is decidedly somber, weighed heavily by concerns of the coronavirus crisis, continuing war, widening economic inequality and fears of a global economic slowdown.“We’ve never had a Davos like this one,” Rich Lesser, global chair of Boston Consulting Group, said in an interview. An estimated 657 million people live in extreme poverty, up from 641 million before the pandemic, according to projections from the World Bank.“The pandemic and war in Ukraine have fragmented the global economy and created far-reaching consequences that risk wiping out the gains of the last 30 years,” Saadia Zahidi, managing director of the World Economic Forum, said in a statement this week.
As said here by Abha Bhattarai