Davos 2024: Leaders leave WEF with a hope to rebuild trust

As the annual jamboree of the World Economic Forum in the snow-clad resort came to an end on Friday, emergence of artificial intelligence, never-ending geopolitical tensions, and the outcome of what's in store when half of the world's population is going to elect a new government this year, including in India and the US, dominated the Swiss Promenade talks. 

But for the outcome of the summit as Rich Lesser, chairman of Boston Consulting Group, said, “It’s unrealistic to think that Davos — or any meeting, anywhere in the world — in one meeting can rebuild trust when it’s fragmented on so many dimensions". But thousands of conversations between the social, private and public sectors help create “a starting point for rebuilding trust,” he said.

Optimistic Indian CEOs 

On the sidelines of the WEF, Pricewaterhouse Coopers (PwC) released its 27th Annual Global CEO Survey. The study showed a surge in confidence among Indian CEOs about India's economic growth, with 86% anticipating an improvement in growth over the next 12 months. The survey, encompassing insights from 79 Indian CEOs, showcases a remarkable 30% increase in optimism within the past year.

India’s gender alliance

India announced a new alliance for global good, gender equity and equality, on the sidelines, with the WEF founder and chairman Klaus Schwab offering to partner this initiative with full support. The announcement was made at an India Reception, hosted by CII and attended by union ministers Smriti Irani and Hardeep Singh Puri.

Maharashtra’s winning streak

Maharashtra Chief Minister Eknath Shinde on Friday said he is resolute in leading the state to its ambitious target of becoming a $1 trillion economy as the state government secured investment MoUs worth ₹3.53 trillion ($44 billion) in Davos. The state also received an expression of interest for an additional ₹1trillion investment, taking the total to ₹4.5 trillion (nearly $57 billion) with a potential to create about two lakh jobs across sectors. Shinde held meetings with a large number of global political leaders, industry leaders and decision makers.

The future of money 

Reserve Bank of India (RBI) Governor Shaktikanta Das feels that digital currency, or Central Bank Digital Currency (CBDC), will make cross-border payments more efficient, and fast, in addition to being cost-effective. “As and when other countries adopt this digital currency, international payment systems will gain in efficiency, speed, and cost. And ultimately, it's a new technology which is developing and I think it's going to be the future of money,” said Das.

Looking to India

"Every Japanese company is seriously considering (changing) the origins of over reliance – it is so risky," Takeshi Niinami, CEO of Suntory, Japan's second-biggest domestic drinks group. "So, we like to move to, for example, India or some other countries like Vietnam, but it can't be done overnight."

Germany is not a sick man 

Germany isn’t sick — it’s just short on sleep, according to finance minister Christian Lindner, who said a shot of economic caffeine will be sufficient to get his country back on its feet. “After a very successful period since 2012 and these years of crisis, Germany is a tired man after a short night,” he said on the final panel of the WEF in Davos on Friday. “Germany is not a sick man.”

A war crime case 

Swiss prosecutors confirmed that Israeli President Isaac Herzog had been the subject of criminal complaints during his visit to Davos, as Israel finds itself accused of committing war crimes in Gaza. "The criminal complaints will be examined according to the usual procedure," the Office of the Swiss Attorney General said, adding that it would contact the Swiss foreign ministry to examine the question of immunity of the individual concerned.

A Trump card

At the World Economic Forum, attendees believed Donald Trump could win back the White House — and his name came up until the very last day of the conference on Friday. "In Davos, Donald Trump is already the president," Open Society Foundations chairman Alex Soros remarked at one of the final panels. "That's a good thing, because the Davos consensus is always wrong," said Soros, the son of billionaire philanthropist George Soros.

From the IMF’s chief Kristalina Georgieva to OpenAI’s Sam Altman, from EU chief Ursula von der Leyen to Ukrainian Foreign Minister Dmytro Kuleba, the Trump question reared its head at different events.
 

With inputs from agencies