Key Takeaways from WEF?s Davos Event 2023

Key Takeaways from WEF’s Davos Event 2023

News: The World Economic Forum’s Annual Meeting 2023, was recently held in the Swiss town of Davos. 

Background:
• Theme - ‘Cooperation in a Fragmented World’. 

Key Takeaways:

• On Economic Front 
  o Most business leaders were upbeat about the economy, with US and the European Union (EU) seemingly beyond the risk of a recession now.
  o China ending its Zero covid strategy and opening up again gave a significant boost.
  o However, central banks of the major economies cautioned that concerns still remained, and said they would keep interest rates high to ensure inflation is under check.

• On Ukraine
  o Ukraine kept up its demand for more military aid to fight its war against Russia, and more financial aid to rebuild after the war, saying the reconstruction fund commitments should start coming in now and not after the war ends.

• On Climate
  o The World Economic Forum, supported by more than 45 partners launched the Giving to Amplify Earth Action (GAEA), a global initiative to fund and grow new and existing public, private and philanthropic partnerships (PPPPs) to help unlock the $3 trillion of financing needed each year to reach net zero, reverse nature loss and restore biodiversity by 2050.”
  o While Pakistan brought up the issue of a loss and damage fund for the developing countries. 

• Indian perspective
  o The Press Trust of India (PTI) reported that more than 50 “high-impact initiatives” was launched at the event. 
  o Maharashtra Institution for Transformation (MITRA) signed a partnership with the forum on urban transformation to give the state government “strategic and technical direction”.
  o While a thematic centre on healthcare and life sciences is to be set up in Telangana. The Coalition for Epidemic Preparedness and Innovations (CEPI) aims to develop new vaccines for future pandemics.  
  o As G20 Chair, India has identified women-led development as one of the high-priority subjects and created an engagement group Women20 focused on gender equity.