The founder of the World Economic Forum (WEF), Klaus Schwab, was not satisfied with the outcome of the 53rd gathering in Davos.
For five decades now, the summit has been hosting major policymakers and business leaders at the popular ski resort high in the Swiss Alps.
Following the end of the Cold War with the collapse of the Soviet Union and the fall of the Berlin Wall in 1991, Davos evolved into a space for discussing and formulating world order as well as boosting the market economy, trade globalisation and liberalisation, and investment flows.
The social and solidarity economy has a huge role in bridging the informal and formal economies.
Governments need to support social entrepreneurs, who can help create formal jobs.
SSE also has a broader role to help shape a new social contract for a human-centred future.#WEF23 pic.twitter.com/CMrGMXtjpV— Gilbert F. Houngbo (@GilbertFHoungbo) January 19, 2023
The 2023 meeting held between 16-20 January had fewer heavyweight and A-list attendees for various reasons, not least of which was divergent agendas and priorities among countries, continents and blocs created by the shockwaves from Russia’s war on Ukraine.
The lines of communication over most global issues seem to have frayed or possibly snapped altogether, as major players fumble to reach common ground on how to confront the many plagues threatening humanity.
Perspectives varied on the unprecedented recession that awaits the economy that could potentially plunge it into a spiral of deflation, with global growth declining to 1.7% according to World Bank figures.
Meanwhile, global trade is expected to slow in the second half of 2022 and stay subdued in 2023, surpassing the impact of the Covid-19 crisis, in light of growing protectionism, tariffs, unemployment, uncontrollable inflation, slow growth, and rising indebtedness and interest rates.
Other issues seem to hop on this bandwagon of horrors, including global warming and its impact on food security, accompanied with increasing poverty in arid regions and rising northbound climate migration.
Meanwhile, the ailing global economy still struggles, worn out by budget deficits and astronomical levels of public debt in most countries of the world, including industrialised and developed nations.