More than 1,000 economic, scientific, and political representatives from all over the globe are expected to convene in Davos for the World Economic Forum. Climate protection, inflation, and food security will be the main focal points of the 53rd edition.
The Grand Duchy will be represented by Prime Minister Xavier Bettel, Minister of Finance Yuriko Backes, as well as Hereditary Grand Duke Guillaume.
Ahead of the forum, the International Monetary Fund (IMF) issued a warning over negative economic and social consequences that it expects to unfold if the global economy continues splitting off into smaller factions. An increasing number of international trade relations are said to be isolating more and more, particularly affecting countries with low GDPs in a negative manner.
The IMF argues that this tendency has been unfolding since the 2007–2008 financial crisis and has further increased with the pandemic and the war in Ukraine. Scepticism towards globalisation is continuously growing, notes the IMF.
According to NGO Oxfam, major corporations and the super rich are profiting from the ongoing crises. Over the weekend, some of Davos’ neighbouring towns saw protests from globalisation opponents.
