Cautious optimism for the last day of the Davos Economic Forum
Christine Lagarde, President of the European Central Bank, on the closing day of the 53rd World Economic Forum, in Davos, Switzerland, Friday, January 20, 2023. AP - GIAN EHRENZELLER
Text by: RFI Follow
1 min
The winter meeting of the 53rd World Economic Forum ended this Friday, January 20 with the traditional round table on the global economic outlook.
And while at the start of the week, pessimism predominated with the cost of living crisis and the consequences yet to come of a war in Ukraine setting in at the heart of the concerns, the Forum closed with a note of optimism.
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From our special correspondent in Davos
,
Mounia Daoudi
And if finally the worst was not yet to come.
As proof this declaration of the director of the IMF.
"
It's less bad than we thought a few months ago,
recognized Kristalina Georgieva
, but less bad does not mean good
," she warned.
One thing seems certain, the risk of a global recession is receding.
Despite the war in Ukraine and its multiple consequences on energy and food, inflation seems to have reached its peak and is starting to fall back in the main economies.
The reopening of China with the prospect of a vigorous recovery is also reassuring.
Vice Premier Liu He, who met US Treasury Secretary Janet Yellen in Zurich, played appeasement on the trade war front.
Today I met with Vice Premier Liu He of the People's Republic of China, our first in-person meeting.
We exchanged views on macroeconomic developments and global financial issues in our efforts to deepen communication between the US and China.
pic.twitter.com/lafTqo7Unr
— Secretary Janet Yellen (@SecYellen) January 18, 2023
Good news also from the euro zone where the ECB expects much better activity than initially feared.
Not to mention a dynamic labor market whether in the United States or in Europe.
But this good news on the macro-economic level should not overshadow the cost of living crisis which affects hundreds of millions of people throughout the world with, for the first time in 25 years, an increase in extreme poverty.
ICYMI: Watch @KGeorgieva speaking at #wef23 closing panel on the state of the global economy with @LHSummers, @Lagarde, @BrunoLeMaire, @HaruhikoKuroda, moderated by @GeoffCutmore.https://t.co/2MkobHVrVN pic.twitter.com /dAYIDnHm6t
— IMF (@IMFNews) January 20, 2023
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