73% Of Economists Interviewed In Davos Predicted That Global Economic Growth Would Slow Down

On January 15 local time, the 54th annual meeting of the World Economic Forum (namely the Winter Davos Forum) was held in Davos, Switzerland. At present, the world is facing many problems, such as the escalation of geopolitical conflicts, sluggish economic growth, soaring debts of many countries, frequent climate disasters, etc. The international community looks forward to working together to address these crises and challenges. The most fundamental condition for cooperation in this uncertain world is "rebuilding trust", which is also the theme of this annual meeting. As the world's second largest economy, China's performance has attracted much attention. According to the official website of Davos Forum, mankind is facing a series of common challenges that cannot be solved by one country or international organization alone. China is a key participant in global affairs and plays a key role in global politics, economy, scientific and technological innovation and many other fields. For example, China's hydropower, wind power and solar power all rank first in the world. "China's participation is indispensable on major issues related to the future of mankind."

According to the latest Outlook of Chief Economists released by the World Economic Forum on the 16th, nearly two-thirds of the interviewed chief economists predict that the world economy is expected to decline in 2023. Most of the economists interviewed predicted that the economic growth of Europe and the United States in 2023 would be "weak" or "very weak".

A survey report released by PricewaterhouseCoopers in Davos also reflects concerns about the trend of the global economy. The report shows that 73% of the respondents expect the global economic growth to slow down in the next 12 months.

The World Bank recently released the latest Global Economic Outlook report, which lowered the global economic growth forecast for 2023 to 1.7%, 1.3 percentage points lower than the forecast in June last year, the third lowest level in nearly 30 years. The report points out that global economic growth is slowing down sharply to a "dangerous level close to recession".

To meet the challenges, Schwab, the founder and executive chairman of the World Economic Forum, called for strengthening global cooperation. He said that under the influence of political, economic, social and other multiple forces, the polarization at the global and national levels is intensifying, and one of the fundamental reasons is the lack of cooperation, which in turn has exacerbated social division and led to more unwise decisions.

Leslie Masdorp, Vice President of the BRICS New Development Bank, said in an interview with Xinhua News Agency that when the global economy is facing a slowdown, it is crucial to maintain globalization and strengthen global cooperation, and all countries need to pool their strength to cope with it. Without multilateral cooperation, we cannot truly meet challenges.

Bob Moritz, global chairman of PricewaterhouseCoopers, said in an interview that the world needs global trade, and the world must be connected to each other so that everyone can participate.

The United Nations Development Programme recently stressed through social media that global challenges require global solutions, and multilateralism and development cooperation are becoming increasingly important.

"The Chinese delegation to this annual meeting of the World Economic Forum has returned to the pre epidemic scale. They will participate in the discussion of major global issues, have in-depth exchanges with representatives from all fields of the world, and make a Chinese voice on the international platform." Chen Liming, the chief representative of the Greater China region of the World Economic Forum, said a few days ago that "China's opportunities" remains one of the important topics of this annual meeting. As an important engine of global economic recovery, China has a broad market and investment opportunities.

"How China acts is very important for the world to 'rebuild trust and promote cooperation'." An article on the official website of Davos Forum said that the Chinese government has formulated policies to promote economic development and encourage investment. In the third quarter of 2023, China's economic growth exceeded expectations, and the IMF and other international organizations have raised China's economic growth expectations in 2024. The US China relationship has shown signs of warming, and China is expected to continue to be the driving force of the world economic recovery. The report also said that China has been contributing wisdom to solving the problems facing the world. China plays a leading role in many fields, such as hydropower, wind power and solar power, which rank first in the world. China's participation is indispensable on major issues related to the future of mankind.

Leaders of the World Economic Forum gave positive comments on China's role in promoting world economic recovery and "rebuilding trust". Zahidi, Executive Director of the World Economic Forum, said: "China is one of the major economies in the world, and the healthy development of China's economy will bring very positive spillover effects to other regions of the world." Brende, President of the World Economic Forum, said: "I think China has not only played an important role in economy and trade, but also in building a more peaceful world."

(Source: Xinhua Global Times)