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.
“In the last few years, progress has slowed down,” said Christine Lagarde, Managing Director, International Monetary Fund (IMF), Washington DC, adding that gender inequality is not conducive to good inclusive economic growth. According to the Forum’s Global Gender Gap Report 2016, the slowdown is partly due to chronic imbalances in salaries and labour force participation.
Business leaders at the World Economic Forum Annual Meeting agreed that there is an urgent need to restore the compact between business and society, ensuring that companies are responsive and responsible to all their stakeholders. There is a crisis of confidence in leadership, said Jim Hagemann Snabe, Member of the Board of Trustees, World Economic Forum. “We have an opportunity to reinvent how we do business, to refocus our efforts towards ensuring long-term sustainability,” he added.
With its vast workforce, strong growth and expanding purchasing power, South Asia will be the key to reviving global demand, Nirmala Sitharaman, Minister of State for Commerce and Industry of India, said at a session on Harnessing Regional Cooperation in South Asia at the World Economic Forum Annual Meeting. “The world cannot afford to ignore the region that will be key to reviving demand,” the minister said.