davos report
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Yassine Brahim, minister of Infrastructure and Transport of Tunisia, told the gathering. In a taped audio speech from Burma, the recently
Davos, Switzerland, host of the Annual Meeting 2011 of theWorld Economic Forum
He went on to outline his government’s plans for mod- ernising the Russian economy and enhancing Russia’s global competitiveness, and stressed a commitment to openness and technological development as well as the importance of attracting talent to Russia.
European view Europe and its current travails were of course high on the agenda. France’s Nicolas Sarkozy said that France and Germany would never allow the euro to collapse and warned currency operators that they would be tak- ing huge risks if they speculated against it. He insisted the euro was an integral part of European identity and of the drive to unity and co-operation on the continent. German Chancellor Angela Merkel advised against
complacency about the risks of a further financial crisis, warning that the international mechanisms required to prevent another crash were not yet in place. She too stressed that Germany stood firmly behind the euro and will continue to defend the embattled currency. UK Prime Minister David Cameron called for opti-
mism in Europe’s future but said that a change of direc- tion is needed, and he called for a “tough, transparent approach” to enforce the EU’s single market, Jean-Claude Trichet, president of the European
Central Bank (ECB), told the gathering that, while the monetary union had stabilised Europe’s currency to an inflation rate that is less than 2pc – the lowest in 50 years – Europe had been less successful when it came to economic union.
Regional unrest President Susilo Bambang Yudhoyono of Indonesia warned about recent increases in food and energy prices. High food prices impact inflation and poverty, and could lead to social and political unrest, he said. Indeed, as Davos kicked off, the Tunisian people had
ousted Zine al-Abdine Ben Ali, and the Egyptian revolu- tion was under way, so the Maghreb region was the sub- ject of much discussion at this year’s meeting. Indeed, several of Tunisia’s brand new ministers attended. “We are going to leverage social media to build a hor- izontal democracy rather than a vertical democracy,”
freed Daw Aung San Suu Kyi, general secretary of the National League for Democracy, called on the world leaders gathered in Davos “to use their particular opportunities and skills as far as possible to promote national reconciliation, genuine democratization, human development and economic growth in Burma, so that our people may in turn be able make their own contri- bution towards a safer, happier world.”
Revolution in thinking UN secretary-general Ban Ki-moon spoke of a differ- ent kind of revolution, saying that a “revolution” is urgently needed in thinking and policy to bring about sustainable economic growth that can both protect the environment and raise living standards. “The sustainable development agenda is the growth
agenda for the 21st century,” he told a panel. “To get there we need your participation and your initiatives ... We need you to step up. Lead by action. Lead by example.” He emphasised the global nature of the challenges and
the need for a global, multinational response. “No single country or group, however powerful, can deal with them alone,” he said. “We must work in common cause not just as a matter of pragmatic burden-sharing, though that is reason enough. We must find common solutions because we share a common future.” According to Ban, sustainability and equality are cru-
cial partners. He said he believes participation and social cohesion are vital in creating a sustainable future.
Global outlook On the final day of the meeting some key conclusions that emerged were that the global economy will contin- ue to grow, but not without some bumps in the road, and that inflation remains a risk with commodity and food price spikes of particular concern. “We didn’t fall off the cliff, and there is growth world-
wide,” said Paul Bulcke, chief executive officer, Nestlé, Switzerland. “The economy is on a clear track of recovery,” agreed
Wei Jiafu, group president and chief executive officer, China Ocean Shipping Group Co, People’s Republic of China. However, challenges remain, said Jacob Wallenberg, chairman, Investor AB, Sweden, especially those faced by European leaders in response to the foreign debt cri- sis. He added that, in particular, food and commodity price inflation remain a concern. The last word we will leave to Chanda Kochhar, man-
aging director and chief executive officer, ICICI Bank, India, who encapsulated a theme that ran through this year’s meeting: “We will only make growth sustainable, if we make our growth inclusive.”
40 Irish Director Spring 2011
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