U.S. Secretary of State Antony Blinken, French President Emmanuel Macron and key Middle East leaders are slated to attend next week’s World Economic Forum, putting talks to end wars in Gaza and Ukraine at the top of the agenda for the global elite.
The 54th edition of the World Economic Forum (WEF) is set to unfold amidst an intricately nuanced geopolitical landscape, as articulated by its president, Borge Brende, on Tuesday.
A complex global economic landscape characterized by fluctuating interest rate policies and escalating debt levels is anticipated to present challenges for central bankers, financiers, and business leaders participating in the upcoming event.
An integral closed-door session dedicated to addressing these concerns will be facilitated by the chief executives of Barclays, a British-based bank, and Manulife Financial Corp, a Canadian life insurer, as outlined in the agenda obtained by Reuters.
In addition, Minister of Foreign Affairs Børge Brende highlighted that a significant portion of this year’s agenda will be devoted to high-level diplomatic discussions pertaining to conflicts in the Middle East, Ukraine, and Africa.
“We are committed to convening a diverse and qualified group of individuals to collaboratively address the complex global challenges we currently face.
Secretary of State Antony Blinken and National Security Advisor Jake Sullivan, prominent figures within President Joe Biden’s administration, are confirmed attendees, adding significant representation to the Davos delegation.
A White House representative has indicated that Mr. Sullivan is slated to deliver a speech, and in addition to this, Doug Emhoff, the spouse of Vice President Kamala Harris, will also be present. While awaiting a response from the State Department regarding their participation, it is noteworthy that this assembly will bring together high-profile dignitaries and influential figures.
Secretary Blinken and Advisor Sullivan will engage with key stakeholders involved in the Gaza conflict, including leaders from Qatar and the United Arab Emirates, both recognized as influential entities in the Middle East, alongside Israel’s President Isaac Herzog. The participation of United Nations Secretary-General Antonio Guterres and over 40 foreign ministers underscores the gravity of the discussions to be held at Davos.”
U.N. Secretary General Antonio Guterres and more than 40 foreign ministers will also be on site, organizers said
French President Emmanuel Macron is slated to deliver a discourse on France’s prospective role within the future trajectory of Europe at the upcoming World Economic Forum (WEF). Concurrently, European Commission President Ursula von der Leyen is also scheduled to address the forum, as confirmed by organizers. The Elysee French presidential palace refrained from immediate commentary on the matter.
The prevailing theme at the last two WEF meetings has been the conflict in Ukraine. Although President Volodymyr Zelenskiy is anticipated to deliver a speech at the upcoming event, the participation of any Russian officials remains uncertain.
China, a significant ally of Russian President Vladimir Putin, will be represented by Premier Li Qiang—the most senior Chinese official to engage with global business and political leaders at Davos since President Xi Jinping’s attendance in 2017.
Organizers of the WEF underscored the noteworthy presence of leaders from the Global South, consisting of nations in Asia, Africa, and Latin America. These countries, forming the non-aligned group, initially condemned Moscow but have since maintained a relatively neutral stance regarding the Ukraine conflict.
Global geopolitical risks have escalated in recent years, epitomized by Russia’s engagement in the Ukraine conflict, Israel’s conflict with Hamas militants, and the resultant implications for shipping in the Red Sea. Simultaneously, China has intensified military pressure in asserting territorial claims over Taiwan.
Bob Sternfels, Global Managing Partner at McKinsey & Company, remarked in a pre-Davos briefing that the preceding years, marked by the pandemic, the Ukraine conflict, and various global crises, underscore the inadequacy of global resilience. Sternfels emphasized the necessity of resilience to avert significant setbacks in the face of multifaceted challenges.
‘COMPLICATED’
In light of the intricate economic landscape characterized by central bank policies and escalating debt, the World Economic Forum (WEF) Managing Director, Jeremy Jurgens, underscored the significance of these factors dominating the agenda. Jurgens expressed cautious optimism, citing an anticipated global economic growth rate of 2.9% for the current year while acknowledging room for improvement.
Highlighting noteworthy shifts in the global economy, Jurgens pointed to increased participation from Latin America and Asia as two standout regions at the upcoming WEF meeting. The attendance of Argentina’s newly-elected President, Javier Milei, further exemplifies the diverse representation expected.
The WEF disclosed that an impressive 530 executives from the banking, insurance, investing, and finance sectors are slated to participate in the event. A key focal point is the closed-door Financial Services Governors Meeting scheduled for January 17, drawing over 100 chairmen and CEOs from various financial domains. Barclays CEO C.S. Venkatakrishnan and Manulife CEO Roy Gori are set to co-chair the meeting, which will delve into navigating risks amid geopolitical tensions, macroeconomic uncertainties, and technological disruptions.
While the WEF organizers refrained from commenting on the Governors Meeting, the overall Davos summit is taking place against the backdrop of a complex global scenario. Businesses are grappling with mediocre global growth, high interest rates, political risks, and the lingering effects of the pandemic.
Deloitte Global Chair Anna Marks emphasized the pivotal nature of the summit, citing ongoing geopolitical tensions, the imperative to address climate change, economic concerns, and rapid technological advancements as key influencers on policy and boardroom decisions.
In the opinion of Karen Harris, Managing Director of the Macro Trends Group at Bain & Company, the 2024 WEF marks a return to a long-term focus. Harris noted that recent WEF meetings were shaped by the pandemic, with the virtual nature of 2021’s event and the delay of the 2022 meeting. She expressed that 2023’s Forum was still influenced by the disruptions of the preceding events, with discussions centered around economic recovery. Consequently, Harris highlighted 2024 as the first WEF in years where attention can genuinely be directed toward anticipating the developments of the next decade, unencumbered by the compressed and volatile business cycle.
