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Joaquim Cardoso MSc.
Servant Leader, Chief Research & Strategy Officer (CRSO),
Editor in Chief and Senior Advisor
January 19, 2024
A new model for growth
Multiple factors, but also risks, will shape the global economy in 2024.
An uncertain economic outlook underpinned many conversations this week, despite an apparent soft landing from interest rate rises and high inflation, as speakers suggested in our High Rate Reality session first thing on Tuesday.
Consumption, trade patterns, debt, whether inflation will continue to cool, as well as geopolitical risks and fragmentation, were all on the table in our Global Economic Outlook.
The global economy showed remarkable resilience last year, said Christian Lindner, but as Ngozi Okonjo-Iweala and David Rubenstein remind
Overcoming these challenges, uncertainties and risks, requires cooperation and partnerships, argued Tharman Shanmugaratnam.
However, as Mohammed Al-Jadaan stressed, quoting Ajay Banga, projections are not destiny.
So, leaders at Davos this week were asking, how can growth be revitalized? Pedro Sánchez called for a ‘new paradigm of prosperity’ while Javier Milei made the case for free trade capitalism. A World Economic Forum report this week also called for a new model of growth that balances productivity with equity and sustainability.
Whether through the equitable distribution of the benefits of AI, enhancing gender parity, women’s rights, or through the lens of health and climate change, we’ve heard this week on the nature of the challenge – but also the solutions.
As a result, investments in jobs, skills and people were also a key talking point this week. Across numerous sessions, we looked at creating good jobs and giving people the skills necessary for the future economy.
This is particularly true in the face of the changes to work brought about by generative AI. But, the technology also has the potential to help people gain new skills, through increasingly personalized learning, Jeff Maggioncalda told us.
Managers also need help to support their teams through a skills transition, and partnerships between public and private sectors are vital, Alexi Robichaux and Aisha Rimi stressed.
The role of trade as a driver of growth was also discussed on Thursday, as Ngozi Okonjo-Iweala joined us. “Without a free flow of trade, I don’t think we can recover,” she told Davos.
And, as Khaldoon Khalifa Al Mubarak reminded us: “With economic development comes prosperity, with prosperity comes stability, with stability, ultimately, you have peace.”
The role of trade as a driver of growth was also discussed on Thursday, as Ngozi Okonjo-Iweala joined us. “Without a free flow of trade, I don’t think we can recover,” she told Davos.
And, as Khaldoon Khalifa Al Mubarak reminded us: “With economic development comes prosperity, with prosperity comes stability, with stability, ultimately, you have peace.”
https://www.weforum.org/agenda/2024/01/davos-2024-highlights-ai-growth-climate-security/
