At the World Economic Forum Annual Meeting 2017, ministers of G20 countries called on members to continue on the path of inclusive growth, warning against protectionism. “If you want to get more inclusive growth, you need more free trade,” said Wolfgang Schäuble, Federal Minister of Finance of Germany, which holds the G20 presidency. Schäuble added that the G20 should be redoubling efforts to promote inclusive growth as part of free trade.
After years of relentless focus on costs, settlements and regulations, the future of banking is looking brighter, agreed panellists in a session at the World Economic Forum Annual Meeting. On the regulatory front, the majority predicted a significant paring-back of regulatory regimes such as Dodd-Frank, the Volcker rule and Basel IV.
With the United States looking set to step back from the international arena, China will likely take on an larger role to preserve the global economic system of which it has been a major beneficiary.
In a special address at the World Economic Forum Annual Meeting, Theresa May, Prime Minister of the United Kingdom, said that Britain would stand up for free markets, free trade and globalization, and would work to ensure that they work for everyone.
The World Economic Forum today agreed to work together to develop an India Innovation Index together with the World Intellectual Property Organization (WIPO), Cornell University and NITI Aayog. The index will provide impetus to Indian states to drive the innovative spirit.