Global talks demanding TT’s attention

Davos meetings started when Professor Klaus Schwab founded what was originally called the European Management Forum, as a non-profit foundation for leaders from Europe and beyond for an Annual Meeting each January.

Initially, the meetings looked at how European firms could catch up with US management practices.

Events in 1973, such as the collapse of the Bretton Woods fixed exchange rate mechanism and the Arab-Israeli War, resulted in the annual meeting moving beyond management to economic and social issues. Political leaders were invited for the first time to Davos in January 1974. By 1979 the organization grew to become a knowledge hub. In 1987, the European Management Forum became the World Economic Forum and moved to broaden its vision to include providing a stage for dialogue. In 2015, the Forum was formally recognized as an international organization. It is now on the next phase of its journey as the global platform for publicprivate cooperation. Of course, there are many instances when the forum has influenced world events.

For us in Trinidad and Tobago, the developments in this forum are critical to our existence. This year’s forum is set against a backdrop of rising geopolitical uncertainty. We must listen to the discussions on the implications of the growing backlash against globalization, liberal values and “elites”. What are the suggestions to address these emerging patterns of behaviour and how has the weakening of multiple systems eroded confidence at the national, regional and global levels. If no innovative and credible steps are made for renewal of the global systems (for example free trade), the likelihood increases of a downward spiral of the global economy. Understanding the pathways of impact on the Caribbean and our country and identifying the magnitude of this impact are important going forward. The discussions allow us to not only identify solutions but also to determine the resource requirements.

The theme of this year’s forum recognizes that frustration and discontent appear to be increasing among those segments of societies around the world that are not experiencing economic development and social progress.

The view in pre-Davos meetings is that their situation will only become more uncertain with the onset of the Fourth Industrial Revolution and its impact on future employment. Indeed the Fourth Industrial Revolution that is taking place will continue to drive the merging of technologies that blur the lines between physical, digital and biological systems.

This, the 47th World Economic Forum Annual Meeting, aims to get leaders from all walks of life to commit anew to achieve common goals and drive new initiatives, such as honing the world’s capacity to manage the systems that underpin our prosperity and security, and also addressing the significant income gap between the superrich and the poorest half of the global population which see eight men, from Bill Gates to Michael Bloomberg, owning as much wealth as 3.6 billion people, according to an analysis by Oxfam released Monday. These are just a few of the agenda items - let us pay attention.