The organizers of the World Economic Forum 2019 have chosen to use the word “transformation” to describe the geopolitical, economic and environmental outlook globally. They acknowledged that “shaping the global, regional and industry agendas at the beginning of 2019 will take place in a context of unprecedented uncertainty, fragility and controversy. “
Gone are the “common values” on which world order is based. Instead, a “multi-conceptual” world will emerge; it is shaped by competing narratives seeking to create a new global architecture.
Despite all this uncertainty, participants of World Economic Forum 2019 have largely agreed to continue multi-stakeholder-based dialogues and rely on collaborative efforts of business, government and civil society.
Most importantly, the key message from Davos this year is that: "Global growth must be inclusive to be sustainable, instead of excluding others."
Global growth must not just benefit the elite businesspeople nor should it just benefit rich countries.
Globalization will only work in the long-run and be accepted by all if it is inclusive.
As Chinese Vice-Premier Wang Qishan said in his speech at WEF 2019, “Many countries are increasingly looking inward when making policies; barriers to international trade and investment are increasing; and unilateralism, protectionism and populism are spreading in the world. All these are posing serious challenges to the international order. Will economic globalisation move forward or reverse course?”
It was acknowledged that innovation is key to creating new opportunities for global economic growth, but it’s important to ensure that all people can gain from technological innovation, not just a few rich people.
Wang concluded: “We need to uphold multilateralism and jointly build a system of rules for technology and new international cooperation framework featuring peace, security, democracy, transparency, inclusiveness and mutual benefit, so that all people can gain from technological innovation.”
Photo: China Daily - http://www.chinadaily.com.cn/a/201901/23/WS5c487532a3106c65c34e622e.html
“Chinese Vice-President Wang Qishan delivers speech in Davos.” China Daily, January 23, 2019. Access January 25, 2019. http://www.chinadaily.com.cn/a/201901/23/WS5c487532a3106c65c34e622e_1.html
” World Economic Forum Annual Meeting 2019 Overview.” WEF, January 22-25, 2019. Accessed January 25, 2019. http://www3.weforum.org/docs/WEF_AM19_Meeting_Overview.pdf
“World Economic Forum panel upbeat about benefits of China's Belt and Road Initiative.” The Straits Times, January 23, 2019. Accessed January 25, 2019. https://www.straitstimes.com/world/europe/world-economic-forum-panel-upbeat-about-benefits-of-chinas-belt-and-road-initiative