Against the background of intense anti-Russian geoeconomic rhetoric, sober forecasts related to the onset of a global recession in the coming year were regularly made in Davos, says BitRiver financial analyst Vladislav Antonov.
“Perhaps, this is the only and most serious signal that sounded related to the economy. Russia and China were not present at this forum and, as we see, the panels that were released were devoted to hypothetical principles of the world order and discussion the question of who will pay for the West’s hypothetical control of the entire world economy,” he said.
But no serious question was raised about the consequences of such an approach, despite the attendance of a record number of the world’s central bank leaders at the forum.
Inflation problems, the energy and food crisis also remained in the background, the expert believes. According to him, the forum is well known as an effective tool in the field of lobbying the commercial interests of companies and entrepreneurs. It’s a well-oiled mechanism. The record number of American billionaires in attendance speaks to a likely desire to be better prepared for and benefit from new rounds of geo-economic warfare, Antonov said.
In addition to the political issues that figured prominently at the forum, and where Henry Kisinger’s speech was the keynote address, the participants discussed events that in one way or another had an impact on the global economy in the past year, he says. Artem. Deev, head of the analytical department at AMarkets.
According to him, these are the energy crisis and sanctions against Russia, the outbreak of the pandemic in China and the slowdown in the economy of the Middle Kingdom, the reformatting of the energy and raw materials markets. Climate and demographic issues were also raised.
At Davos, the main thing is always a trend statement. That is why the economic establishment goes to the forum. Different discourses accumulate something in common that will determine the development of the world in the near future, explains the expert.
“The participants noted that globalization is a thing of the past: the process of fragmentation of the global economy, regionalization will increase, which will lead to an increase in costs and prices. There is a high degree of uncertainty in terms of geopolitics, which increases the risks of conflict, social unrest and civil disobedience. The negative consequences of climate change are increasing, lack of resources, etc.,” Deev said.
The main outcome of the forum is a statement of the fact that the world economy is at the beginning of a transition to a new formation. The global crisis is inevitable, and as a result of coming out of it, we will face a completely new form of the world economy, experts say.