Ukraine, economic fragmentation, uncertainty and climate change, photos from Davos 2023

The dominant themes in the meetings that took place within the framework of the Davos Forum were the Ukrainian War, climate change and the relocation of companies that leave China to get closer to the final consumer markets.

During the 364 sessions that took place during the four days of the Davos Forum, the echo of these themes resounded. The Forum gave the first lecture to the first lady of Ukraine, Olena Zelenska.

The first conference that a head of state regularly takes, this time was given to the wife of the President of Ukraine. Zelenska, who argued that to restore international order “justice is needed for all the victims of the crimes committed by the Russian troops.” She called for the Russians’ war crimes and the genocide they are committing not to go unpunished.

The first lady of Ukraine was very clear that in 1988, the Davos Forum was the neutral space that allowed a conversation between the prime minister of Turkey and that of Greece to avoid a war between them and that in the 1990 meeting, under the motto “the new Europe” met for the first time the leaders of the countries of Western and Eastern Europe.

In fact, she delivered letters from her husband, Voldymir Zelensky to Chinese President Xi Jinping; the President of the European Commission Úrsula von der Leyen and the President of Switzerland Alain Berset.

In them they demanded that world leaders exert their influence to stop the aggression against their people.

A day later, President Zelensky himself addressed the assembled leaders, in a link from Ukraine, where he requested faster decisions on the supply of air defense missiles and tanks for his country.

The issue of Ukraine and its economic, political, social and mental health impact was discussed by world decision makers at several of the 369 meetings held.

Inflation in a weak economy

Russia’s war with Ukraine derailed the global post-COVID recovery, IMF Managing Director Kristalina Georgieva said. It expanded the economic blocs and fueled the slowdown in world trade, the director general of the World Trade Organization Ngozi Okonjo-Iweala warned separately. The official projects that world trade growth this year will be 1 percent.

In several sessions, leaders of international financial organizations, professors and ministers spoke about the impact that the reopening of China and the stability of commodity prices will have on world growth.

The president and CEO of S&P Global, Douglas L. Peterson, commented that they anticipate a very mild recession in the United States, the European Union and the United Kingdom that will also have a moderate impact on world GDP and that it will be offset by demand and activity. which will print China.

Clearly, the slight recession will be the result of the high rates that are being applied to stabilize inflation.

ymorales@eleconomista.com.mx