World Leaders Gathered in Davos... 'Trump's Return' the Biggest Focus
World Economic Forum Opens
Spotlight on Shifting International Landscape Amid Trump’s Inauguration
The World Economic Forum (WEF, Davos Forum) annual meeting kicked off on the 20th (local time) in Davos, Switzerland, with over 2,500 global leaders in attendance.
The theme of this year's Davos Forum is "Cooperation in the Intelligent Age," discussing the development of artificial intelligence (AI) technology and the resulting social changes. However, coinciding with the inauguration of U.S. President Donald Trump, attendees' attention has shifted to President Trump and the international situation under his second term. Foreign media analyzed that with Trump's return, corporate executives' focus is moving from social issues to growth. Bloomberg News stated, "This year's new theme is to quickly accept Trump."
President Trump did not attend the Davos Forum due to his inauguration schedule but plans to deliver a video speech on the 23rd. Political media outlet Politico reported rumors that Elon Musk, Tesla CEO and a close associate of President Trump, will visit the Davos Forum later this week.
Lloyd Blankfein, former chairman of Goldman Sachs and its longest-serving leader, compared Trump's return to "when Napoleon escaped from Elba Island," saying, "The French media initially described Napoleon as a 'monster,' but as he approached Paris, they announced the arrival of 'His Majesty.'"
Wilbur Ross, former Secretary of Commerce during Trump's first administration, commented on the changed atmosphere, saying, "Everyone is making great efforts to stand alongside President Trump."
Mohammed Alardhi, chairman of Investcorp, the largest alternative asset management firm in the Middle East, told Bloomberg in an interview, "People are much more optimistic and feel the world has improved a bit," adding, "The new administration is considered pro-growth. The Trump administration seems likely to do something about taxes and regulations, which is all good for business."
This sentiment was also reflected in survey results. According to a report released on this day by PwC, which surveyed 4,701 CEOs from 109 countries worldwide between October 1 and November 8 last year, 60% of respondents expressed optimism about the global economic outlook for this year. This is a significant increase from 38% last year.
However, some voices of concern have also emerged. Anthony Scaramucci, former White House Communications Director from Trump's first term, said, "On the surface, President Trump is good for business," but added, "However, when he talks about occupying Greenland, deploying troops to Panama, or merging with Canada, it causes unease. People begin to question the judgment of the U.S. government and Americans, leading to negative outcomes."
Philip Hildebrand, former president of the Swiss National Bank and vice chairman of BlackRock, cited inflation as the biggest threat to the global economy next year in an interview with Bloomberg, stating, "Inflation has clearly decreased, but I do not think it is completely over." With Trump's return, there are expectations that the U.S. Federal Reserve (Fed) will reduce interest rate cuts and trade tensions will escalate. Vice Chairman Hildebrand said, "Even if there is a possibility of rate cuts, it will not be much," explaining, "because there are structural and massive forces causing burdens on the supply side of the economy."
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Meanwhile, the Davos Forum this year has been criticized for its diminished stature due to coinciding with President Trump's inauguration. Satya Nadella, CEO of Microsoft (MS), Jamie Dimon, chairman of JP Morgan, and Larry Fink, chairman of BlackRock, chose to attend Davos, but many key figures flocked to Washington D.C. These include Jeff Bezos, founder of Amazon; Elon Musk, CEO of Tesla; Mark Zuckerberg, CEO of Meta Platforms; Tim Cook, CEO of Apple; and Sundar Pichai, CEO of Alphabet. Among G7 leaders, only German Chancellor Olaf Scholz attended, while major world leaders such as Chinese President Xi Jinping and Indian Prime Minister Narendra Modi were absent.
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