Davos: Global leaders cautiously optimistic about global economy

The World Economic Forum at Davos has ended with a mixture of mild optimism and caution for the global economy. 

The annual gathering in Switzerland of financial and political leaders came after a year of soaring inflation and an energy crisis fuelled by Russia’s invasion of Ukraine.

But members of the Forum’s final panel voiced hope that a severe recession may be avoided.

“We are now heading to a year where hopefully the corporates, the consumers, the state, policymakers will continue to have that resilient, determined approach to engineer the transitions that must take place,” stated European Central Bank chief Christine Lagarde. 

Director General of the International Monetary Fund, Kristalina Georgieva, said: “What has improved is that inflation seems to have started leading in the right direction, in other words, down. Headline inflation in particular. What has improved is the prospect for China to boost growth.”

Meanwhile, climate activists including Greta Thunberg staged a ‘Fridays for Future’ demonstration in the Swiss Alpine resort. Protesters displayed banners which read “keep it in the ground”, and “save our planet, save our future”. 

The 20-year-old Swedish ecologist and her allies have launched an online petition demanding that energy firms face possible legal action if they fail to stop any new oil, gas or coal extraction projects.

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