Political instability is adding to economic insecurity - Davos 2024

Improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.

Does that sound familiar?

It will to some of you as it's the stated mission of The World Economic Forum.

Every year in Davos Swtizerland they have their annual four day convention.

Of course many of the world's problems are well documented and here is a recap of day three.

The future of global governance

The UN Secretary-General António Guterres was in fine fettle all week chipping in with comments and speeches all over the place.

He called for reforms to global governance. "We can't build a future for our grandchildren with a system built for our grandparents," he said.

Does that not sound familiar? I tell you slowly they will adopt web3.

Whilst we have all been focused on AI of late, the importance of climate change I believe has slipped down both the political and economic agenda.

Guterres warned that geopolitical divisions are hindering a global response to challenges like climate change and artificial intelligence.

Quite rightly he stressed that any governance models must be more representative of the Global South.

Bottom line is that he proposed a 'reformed, inclusive, networked multilateralism.'

Middle East Conflict: What Is the Endgame?

I always keep an eye on events in The Middle East out of habit for one thing. As a troubleshooting Process Engineer in the Oil Industry I was all over countries in the middle East. I am dual British/Irish citizen by virtue of coming from Northern Ireland. However that is also where I saw the devestation that could be done by opposing religious divides.

When will we learn from our mistakes?

Speakers explored the complexity of the situation and warned of the potential for spillover effects. And, as Karin von Hippel cautioned, we musn't lose sight of other conflicts around the world.

Do you know that there are currently 41 armed conflicts across the world?

41 .... Think about that .... That is just insane

Børge Brende, President of the World Economic Forum, addressed the Resilience: What It Means and What to Do About It session, telling them "We have to build the muscle of resilience,".

Jobs, skills and AI

Skills they be a changing.
I was listening to headteachers chatting recently. They were basically saying we need to completely overhaul what we teach our children!

Speakers in the Race to Reskill session looked at the changes underway.

You must know of course the transitions in the digital and green arenas.

We all know the potentials that AI offer us, but conversely the amount of jobs that are being lost daily to AI. Reskilling is becoming huge.

Whilst speakers acknowledged the great potential that AI offers us, they did again stress the importance of having governance.

Spanish Prime Minister, Pedro Sánchez added to the previous comments of António Guterres as they both called for enhanced efforts around AI governance.

Microsoft President, Brad Smith, said he expects to see more convergence in global regulation.

Tools to revive growth

The mood throughout the annual meeting not surprisingly is that the outlook for the global economy in 2024 is very uncertain.

António Guterres delivered his warning on Wednesday morning, geopolitical divides are hindering economic growth....

"Political instability is adding to economic insecurity," he said.

Pedro Sánchez summed it up when he called for a new model of growth .

"We must be bold and define a new paradigm of prosperity," he said. "A new economic and social orthodoxy that takes advantage of the knowledge and the new tools we have to couple economic growth with environmental sustainability and prosperity for all."

And, he called for collaboration to tackle the major challenges we face. We should 'establish new forms of public-private cooperation and collaboration', he said.

We need real and meaningful collaboration in all walks of life right now don't you think?

Today Thursday 18th January 2024 is the last day of the World Economic Forum.

Source Davos 2024 WEF Day 3 Highlights

@tengolotodo.leo 18th January 2024.
Lead Image created by AI from my prompt in pixlr

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