The five-day annual meeting of the World Economic Forum (WEF) in Switzerland, also known as the Davos summit, is starting Monday with the theme of 'Collaboration for the Intelligent Age.”
Over 200 sessions at the high-profile gathering of political and business leaders will concentrate on ways to boost social and economic resilience, use new technology, and restore prosperity.
In the sessions, speakers will share their assessments of the policies of the US’ incoming Trump administration – also set to start Monday – fragmentation resulting from the gradual weakening of global cooperation, trade policies, artificial intelligence and digitization, clean energy transformation, combating climate change, central banks’ monetary policies, and interest rates and inflation.
Among these sessions, one will particularly focus on the current state of European economies and how to boost economic growth without additional taxes and debt.
A WEF report on the issue published Monday suggests a four-way solution to the reeling European economies. These include investing in cheap and green energy, uniting Europe's capital markets into a proposed capital markets union, closing the tech gap with the US, and striking a balance between open trade and strategic autonomy.
Borge Brende, the forum’s resident and CEO, said this year's meeting coincides with global uncertainty due to geopolitical tensions, economic fragmentation, and accelerating climate change, and added: “In this unsettled environment, innovative and collaborative approaches are the only way to address urgent challenges and unlock new opportunities.”
Donald Trump, set to be sworn in as US president Monday, will connect live to the summit on Thursday.
The summit is expected to be attended by 60 heads of state and 1,600 representatives from the global business world, including 900 senior executives.
According to the WEF's Global Risks Report, published every year before the summit, the biggest risk for the world this year is seen as state-based armed conflicts, while extreme weather events stand out as the most important long-term threat.
According to another WEF report, the global economy this year is expected to be under pressure from a rising debt burden, political uncertainties, and fragmentation.
By Mucahithan Avcioglu
Anadolu Agency
energy@aa.com.tr