The first part of a two-day discussion at the World Economic Forum (WEF) in Riyadh, Saudi Arabia, focused on global collaboration, growth, and energy for development. Global economic leaders and senior political figures engaged in discussions on various pressing issues such as inclusive growth, human capital, smart economy, and regional geopolitical tensions. During the “Opening Plenary: A New Vision for Global Development,” Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), highlighted the positive fundamentals for growth that the world has developed in recent years, showcasing resilience to economic shocks.
Despite this progress, she pointed out two significant challenges: the forecasted weak growth rate of 3.2 percent for 2024 and the substantial divergence in economic performance across different countries. Georgieva emphasized the importance of focusing on inflation, fiscal buffers, and geopolitical fragmentation as key economic priorities. She also advocated for the diversification of supply chains and highlighted that effective industrial policies should not come at the expense of trade.
Following the commencement plenary, Palestinian President Mahmoud Abbas restated his plea for an immediate ceasefire in the Gaza Strip. He called upon the United States to intervene and prevent Israel from initiating significant operations in the southernmost Gazan city of Rafah, while also urging countries worldwide to acknowledge Palestine as a full member of the United Nations. During a subsequent session later in the day, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud described the situation in Gaza as “catastrophic by every measure,” emphasizing the inadequacy of the international security mechanism in addressing the crisis.
IMF chief Georgieva and Saudi Minister of Finance Mohammed Al-Jadaan participated in a themed panel discussing a slowdown in regional economic growth exacerbated by ongoing tensions. On the sidelines of the forum, Saudi Arabia and the Bill and Melinda Gates Foundation unveiled an initiative to eradicate polio globally. The initiative’s goal is to safeguard 370 million children annually through a fund exceeding 620 million U.S. dollars.
The WEF special meeting is set to continue until Monday, with the objective of fostering discussions among influential figures and the general public on various subjects, such as environmental challenges, mental health, digital currencies, artificial intelligence, the role of the arts in society, modern entrepreneurship, and smart cities.