![]() ![]() One is there’s far fewer people from Russia and China, the two big autocratic countries, and they’re not really as much of a bigger presence. But the interesting thing is a couple of things have changed compared to a few years ago when Davos was last in full swing. And Davos is a bit like a school disco for chief executives, with everyone kind of making contacts, socializing, and that’s all happening. And you know, everything is around here queues to get through security, to get into meetings. But really, after the pandemic years, the party atmosphere is really back?įoulis: Well, I’ve been told the number of attendees is higher than ever. So the world is adjusting to the new reality of that landmark piece of legislation from the Biden administration.īrancaccio: The World Economic Forum’s annual meeting at this Swiss ski resort, I suppose, is useful for networking, you know, the great and the good rubbing shoulders, maybe friendships forged, maybe deals made. The EU’s probably going to dilute some of its rules over competition and trade in order that it can put in place its own subsidy program, and lots of other countries are doing similar things, India, Indonesia, for example. So what you’re seeing is countries and companies talking a lot about how they’re going to respond. But the rest of the world, it’s a bit terrifying, really, because there’s a big concern that investment will be drawn away from Europe, away from parts of Asia, to the U.S. ![]() And in fact, this week out of Davos, the European Union has a response, a plan of its own.įoulis: Yeah, well, from the point of view of the climate, the IRA is probably a good thing, it’s going to lead to much more investment in the U.S. And the sense of that’s becoming a lot more tangible and real.īrancaccio: Yes, because in the U.S., we have the big Inflation Reduction Act, which among many other things, tries to speed up the U.S. Secondly, people are talking a lot about China’s reopening, and China’s sent, for the first time for a long time, a senior government figure here to kind of do a charm offensive for global business saying, “China’s back, back in business.” And then the last thing people are pretty excited about, I think, is the sense of a big surge in investment in the energy transition. One is most companies and economists reckon the world economy has actually been doing a bit better than expected. Patrick Foulis: Yeah, that’s right, we arrived here thinking it was going to be really gloomy, you know, recession, end of globalization. There’s a certain bounce to the step of participants that you’re detecting? The following is an edited transcript of their conversation.ĭavid Brancaccio: Apparently, the vibe is warmer despite all this fragmentation geopolitically - Russia’s war on Ukraine, widening gaps between rich and poor. … Most companies and economists reckon the world economy has actually been doing a bit better than expected. “We arrived here thinking it was going to be really gloomy, you know, recession, end of globalization,” Patrick Foulis, foreign editor at The Economist, told Marketplace’s David Brancaccio from Davos. Yet many global challenges remain, including the war in Ukraine and a potential protectionist showdown between the United States and Europe. ![]() So what’s come out of this year’s gathering? Reports from the summit suggest some optimism about the world’s economic outlook for 2023 due to moderating inflation, China’s reopening, and increasing investment in green technology. World leaders, CEOs and activists there have been discussing this week a slew of global challenges like climate change, global inflation and the downward trend of globalization in recent years. This year’s World Economic Forum meeting in Davos, Switzerland, is wrapping up. ![]()
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