Story Of The Week

We’re in a new era: Globalization 4.0

‘Improve the state of the world’, with this vision and mission, the World Economic Forum (WEF) came into being. A small town in the Swiss Alps, Davos is perhaps better known for annual meeting of WEF in the month of January every year. Over 3000 elites and leading figures from business, politics, civil society, academia, arts and culture and entertainment gather to discuss and conduct intensive dialogues over the world’s most pressing issues around the economy, climate and international relations.

 

AGENDA: 2019?

The ‘Global Risks Report’ remarked that “Global risks are intensifying but the collective will to tackle them seems to lacking.” Henceforth, with the theme of ‘Globalization 4.0: Shaping the Architecture in the age of the Fourth Industrial Revolution’, the Swiss organization vies to send an inclusive message in the wake of an increasingly fragmented political landscape in the developed economies.

This year the meeting took place from 22ndJanuary and ended on 25thof January. The topics of discussion included Fourth industrial revolution, migration, energy race, Brexit, the future of finance, the outlook of China and US (Trade war) and climate change.

 

 

GLOBAL AGENDA

  1. JAPANESE PRIME MINISTER: SHINZO ABE

The honourable Prime Minister emphatically declared the defeat of despair and affirmed his country’s commitment to launch an agenda for global data governance during Japan’s G20 Summit.

  1. GERMAN CHANCELLOR: ANGELLA MERKEL

The Chancellor reaffirmed her commitment to multilateralism in an un-conditional  address at the Annual Meeting and urging on the leaders to find common ground in search of a strengthened, but more flexible and global architecture.

  1. VICE-PRESIDENT OF PEOPLE’S REPUBLIC OF CHINA: WANG QUISHAN

The Vice President reaffirmed China’s commitment towards building world peace and promoting global growth by upholding the international order. He also stressed that a strong international unity is a prerequisite, adding that “We must work together to shape the global architecture in the age of the Fourth Industrial Revolution with the vision to create a better future for all mankind.”

 

ENVIRONMENTAL FRONT

  1. CHRISTINE LAGARDE GOES BIG ON CLIMATE CHANGE:

International Monetary Fund chief Christine Lagarde commenced the last panel discussion at this year’s Davos by talking about climate change. The final panel of the conference typically features central bankers and other economic stakeholders where the discussion tends to focus on the economic outlook for the coming year. However Lagarde made it clear that CLMATE CHANGE will be the heart of the debate.

“If temperatures go up two and half degrees, we’ll lose 15% of the world GDP. Three degrees, we will lose 25%,” said Kristalina Georgieva, the CEO of the World Bank.

  1. TEEN ACTIVIST TELLS ELITES THAT THEY ARE TO BLAMED FOR THE CLIMATE CRISIS:

While most of the delegates at the World Economic Forum arrived in private jets, this 16-year-old Swedish climate activist Greta Thunberg took a 32-hour train. She’s been camping out in Davos and giving up the option to stay at a hotel to sleep in a tent in 0 degrees.

On Thursday, Thunberg gave a speech at a lunch with a guest list filled with the elites and the top class that also included the CEO of Salesforce, Marc Benioff, former Goldman Sachs President and an official at the Trump administration Gary Cohn, musicians Bono and Will.i.am, and an array of bankers and investors. 

Thunberg, in her speech reinforced the fact the elite population belongs to the group of those who are most responsible and that the future of the mankind rests upon them.

  1. THE TROPICAL FOREST ALLIANCE:

 Peru joined the Forum’s ‘Tropical Forest Alliance’to achieve their target of reducing deforestation in the Peruvian Amazon. The country is home to the second largest area of Amazonian forest after Brazil.

  1. HOW TO CONTROL PLASTIC POLLUTION:

Recent survey show that five Asian countries dump more plastic into oceans than anyone -else combined. The Global Plastic Action Partnership (GPAP) announced its first national partnership in Indonesia (To be launched March 12, 2019). Vietnam, 2020 ASEAN Chair, has also joined GPAP, committing to a circular economy approach to tackle plastic pollution.

 

THE HUMANITARIAN FRONT

  1. Alibaba founder: Jack Ma

Ma expressed his firm belief in globalisation and revealed his vision behind the Electronic World Trading Platform (eWTP), a digital trading platform that facilitates transactions. Rwanda became the first African country to have joined Alibaba’s global trading platform, which is aimed at increasing ecommerce in emerging markets.

  1. High level group on humanitarian investing

The Forum collaborated with the World Bank and International Committee of the Red Cross and unlocked a platform to create investments for humanitarian purposes. The aim is to unlock private sector capital for investment in fragile economies.

 

 

 

VARIOUS HIGHLIGHTS

  1. New hope for Venezuela

The meeting of Davos brought a ray of hope to the citizens of Venezuela. Leaders of Brazil, Colombia, Peru and Canada signed a joint statement claiming provision of adequate backing to Mr Juan Guiado, the leader of Venezuela’s opposition party who had declared himself as the interim President in the wake of virtual dictatorship regime of the current President, Mr Nicholas Maduro.

  1. New Zealand’s budget seems fine

“We need to address the societal well-being of our nation, not just the economic well-being,” Jacinda Ardern said during the meeting ‘More than GDP’ and simultaneously unveiled a new plan of action to run the country’s finances.

  1. ‘Japan has defeated defeatism’

Prime Minister Shinzo Abe claimed that ‘Womenomics’ had been one of the biggest reasons in pulling out Japan back from the brink of a recession.

Nearly, two million women had entered the workforce since 2012 which gave a big boost to the economy’s GDP. “A long-awaited positive feedback cycle is taking root, with growth in employment and income generating greater demand and even more employment”,he said.

  1. EUROPE’S future

On Wednesday, three different Political leaders and speakers took to the stage their visions and hope for a better future.

  • GUISEPPE CONTE

He believed his country would give more power to the people to counter a sense of despair amongst the middle class of the nation.

  • PEDRO SANCHEZ

Spain’s Mr Sánchez urged the delegates to remember that the economy should always be at the service of the people.

  • ANGELA MERKEL

Germany’s Vice Chancellor Angela Merkel gave a very strong defence of the global institutions and reminded people of how much progress has been made over the past 50 years.

 

 

 

 

References:

https://dailynewssegypt.com/2019/01/25/as-davos-wef-annual-meeting-2019-concludes-here-is-some-of-the-top-highlights/

https://www.weforum.org/agenda/2019/01/top-stories-from-davos-2019/

https://www.cognizant.com/world-economic-forum-highlights-2019

https://edition.cnn.com/business/live-news/davos-2019-live-updates/index.html

 

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