Davos Day 3: Geopolitical and Recession Concerns Dominating the WEF


IMF’s Gopinath: Wages could rise without creating a spiral.

Gita Gopinath, deputy director of the International Monetary Fund (IMF) MD, also dismissed claims that wage increases should be curbed in order to avoid the vicious cycle of wage increases.

Gopinas says we need to make it clear that inflation is inflation, not wages.

You can absolutely have a situation where wages go up, prices don’t go up, but rather company profits go down, she says.

Introduction: Fears of Global Growth After Soros’ Warning of World War III

Good morning in Davos, as concerns over a possible global recession and escalating military conflict are weighing down global leaders and business leaders.

As the global food crisis escalates and the war in Ukraine continues, uncertainty in the global economy is increasing, creating a particularly depressing mood at the World Economic Forum.

Other GopinathThe deputy director of the International Monetary Fund (IMF) told the delegation this morning that the Ukrainian war is “a major setback” for the global economy.

And the world continues to face headwinds, she says.

High inflation is causing central banks to raise interest rates, and China’s economy is slowing due to COVID-19 lockdowns and restrictions.

gopinath says:

We have a confluence of shocks hitting the world and we’re not out of the woods yet.

Gopinath also points out that there is a very diverse recovery in which some economies are 5% smaller than they were originally due to the pandemic.

There is a food crisis and a cost of living crisis, she warns.

Last night, veteran philanthropist George Soros issued a gruesome warning that Russia’s invasion of Ukraine would “be the start of World War III” that could lead to the end of civilization.

in fierce attack At the World Economic Forum in Davos, Soros warned against Vladimir Putin and China’s Xi Jinping that a dictatorship is emerging and the world economy is heading towards a recession.

With Davos already underdeveloped by the Ukrainian War, Soros takes the gloomy rhetoric to a new level.

“The invasion was the beginning of World War III and our civilization may not survive.

“The invasion of Ukraine did not happen suddenly. The world is increasingly drawn into the struggle between two diametrically opposed systems of governance: an open society and a closed society.”

Here’s the full story:

Today we also meet with European Central Bank (ECB) Presidents Christine Lagarde, Bill Gates, US Commerce Secretary Gina Raimondo, Greek Prime Minister Kyriakos Mitsotakis, You will hear from Israeli President Isaac Herzog and Ukrainian Foreign Minister Dmytro Kuleba.

imitation

  • 8.45am Davos (7.45am BST): Global Growth Outlook Panel, Siemens Chairman Jim Hagemann Snabe, UCL Professor Mariana Mazzucato, IMF Deputy MD Gita Gopinath
  • 9 a.m. Davos (8 a.m. BST): Press Conference: Pfizer and Partners Announce Agreement for a Healthier World
  • 10 AM Davos (9 AM BST): European Union in a Chaotic World? Eduard Heger, President of Slovakia, Christine Lagarde, Managing Director of the IMF, Mark Rutte, PM of the Netherlands, Roberta Metsola, Chairman of the European Parliament, Micheál Martin, Taoiseach of Ireland.
  • 10.15am Davos (9.15am BST): Conversation with Gina Raimondo, US Secretary of Commerce
  • 11 AM Davos (10 AM BST): Press Conference: Expanding First Movers Coalition to Decarbonize Global Economy; With Salesforce CEO Marc Benioff, Mikael Damberg, Swedish Finance Minister Bill Gates, Ruth Porat, Google CFO and Microsoft President Brad Smith
  • 11:30 AM Davos (10:30 AM BST): Conversation with Greek Prime Minister Kyriakos Michotakis
  • 2:30pm Davos (1:30pm BST): Panel on the Return of War in Europe, including Sir Lawrence Freedman, Professor Emeritus of War Studies at King’s College London
  • 3pm Davos (2pm BST): Special Speech by Israeli President Isaac Herzog
  • 3pm Davos (2pm BST): Conversation with Ukrainian Foreign Minister Dmitro Kuleva
  • 5.30pm Davos (4.30pm BST): Press Conference: The New Economy of Water – Launch of the Global Commission
  • 6:40 PM Davos (5:40 PM BST): Press Conference: Trade and Food Policy Outlook with WTO Secretary-General Ngozi Okonjo-Iweala and Svein Tore Holsether CEO Yara
  • 7:20 PM Davos (6:20 PM BST): Ukrainian Foreign Minister Dmitro Kuleva press conference

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