Davos expects record number of participants, how to avoid global recession

(Patria) - A record number of business and government leaders will come to the Swiss resort of Davos next week to address challenges ranging from the global economic slowdown to ecological collapse, as the World Economic Forum returns to its winter destination, Reuters reports.

Some criticize Davos as a platform for the jet set that only increases the world's carbon footprint, while the forum insists that it has the power to bring together decision-makers in a world facing multiple crises amid growing geopolitical mistrust.

"We are all stuck in crisis mode," said WEF Executive Chairman and Founder Klaus Schwab at a press conference before the meeting on the world's struggle with the war in Ukraine, climate change, and simultaneous energy and food supply difficulties.

The last winter gathering in Davos was in 2020, just days before the COVID-19 outbreak was declared a global health emergency. The 2021 event was held virtually, and last year's was moved from January to May after a surge in infections.

"Davos should help change that mindset," Schwab said. Although there will be no Russian delegation, organizers welcomed a record turnout in terms of the number and diversity of participants, with a "high-level" Chinese presence expected.

Fifty-two heads of state and government will appear alongside 56 finance ministers, 19 central bank governors, 30 trade ministers, and 35 foreign ministers. Among the 39 heads of international agencies will be the heads of the United Nations, the International Monetary Fund, and the World Trade Organization.

This luxurious ski resort will host the largest business participation ever, with over 600 CEOs among 1,500 business leaders, including the largest number of women at the helm. Discussions are expected to focus on short-term challenges such as how to avoid the risk of a global recession in 2023 and how to ensure that unsuccessful global efforts to tackle climate change are not slowed down even further due to the energy crisis exacerbated by the war in Ukraine and sanctions against Russia.

Organizers said that Ukraine, which dominated last year's forum, will send another high-level delegation and that several sessions related to the war will be held. As advanced economies around the world grapple with tight labor markets, a debate will be held on the importance of reskilling the workforce, creating well-paid jobs, and overcoming gender and racial parity gaps, Reuters writes.