Vietnam Time

1/24/2018 3:26:15 PM

WEF 48: creating a shared future in a fractured world

VNF - The 48th World Forum Annual Meeting will take place on 23-26 January in Davos-Klosters, Switzerland with the theme “Creating a Shared Future in a Fractured World”.

From economic recovery and growth

WEF 48 witnesses a record number of participants, bringing together over 2,500 leaders from business, government, international organizations, civil society, academia, media and the arts, from 110 countries. For the first time in almost 10 years after the Great Depression, the world economy has recovered and grown relatively steadily, with the US economy booming; EU despite ongoing Brexit talks, German government crisis, immigrant problem; Asia continues to lead the world in growth.

Various economic policies of different countries are relatively clear, leading to the stabilization of energy and commodity prices. Business confidence has improved, which is resulted from of tax reforms and fiscal stimulus in the United States, cyclical recovery in Europe, and China's new growth policy.

Emerging elements of sustainable growth such as workforce’s skill have been improved through digitization, particularly through higher productivity gains due to the application of the Industrial Revolution 4.0. Global trading is working very actively, especially in developing and emerging economies.

The risks of protectionism and isolation have subsided since the far right-wing European populist candidates failed to win elections. For the United States, in 2017 people are concerned about protectionism, the risk of "commercial war" due to the "strange" policy of US President Donald Trump brought. However, in fact Mr. Trump has also a certain adjustment, reflected in his visit to Asia and his acclaim for APEC (a multilateral organization) last November in Da Nang (Vietnam). In addition, there are still great potential challenges that world leaders need to pay attention to.

Deputy Prime Minister Vuong Dinh Hue leads the Vietnamese delegation to WEF 48

To the challenges of security

However, according to experts, WEF 48 this year also have to pay attention to the threat because of the challenges from the pre-security elements.

There is still potential for economic insecurity, as recovery in many economies is lacking in convincing speed of investment; the latency of "transform" technology into productivity; slowing down consumption; financial-currency issues are complex and contain many risk factors.

Geo-political threats persist as the implications of the UK-EU Bauxite negotiations; EU27 is reforming; protectionism may rise, "trade war" has not been ruled out; the problem of immigrants in Europe, especially the friction of the great strategies of the big countries.

On military security, the risk of re-emergence of "hot spots" in the world such as North Korea, Middle East, some areas ..., especially in the Middle East due to the new moves of some countries such as Turkey United sent troops into Syria; The US recognizes Jerusalem as the capital of Israel; and terrorist attacks in the name of terrorism on Russian military bases in Syria.

Climate change is also one of the main topics that the Forum is interested in. In 2017, the damage from climate change is far greater than predicted, both in terms of danger levels and complexity, typically the ravages of nature in the United States and Vietnam. According to forecasts, in 2018 the situation is more complex, in 5 global risks, extreme weather and natural disasters are ranked No. 1 and No. 2; The impact is just behind the destructive power of nuclear weapons.

And expectations in the future

Thus, in a fractured world, the WEF 48 is expected to provide the opportunity for leaders and business world leaders to seriously discuss and promote cooperation. This is where countries, parties can find consensus on effective solutions in the context of today's "multi-polar, multi-centered" world order.

The Vietnamese delegation led by Deputy Prime Minister Vuong Dinh Hue also delivered a speech at the forum. According to experts, Vietnam also has great expectations in this international conference, which is to share the common concern of the world in terms of cybersecurity, the gap between the rich and the poor, trade protectionism. Vietnam, however, is more likely to emphasize climate change as it is one of countries most aware of the consequences of disaster in 2017.

 Through the Forum, Vietnam has also shared with the world its success in boosting its economic growth by nearly 7%, which is highly respected by the world. On the other hand, Vietnam also wants to receive the sharing of sustainable development, especially the economic restructuring, digital application, early access to information Flight Report (FIR) from developed countries.


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