The World Economic Forum is showing signs of a more siloed world. Political, business and financial leaders and their entourages are convening in Davos, Switzerland this week after a delay of more than two years. Pandemic, war, and the unusual spring slot help explain some notable absences. As economies turn inward and markets tumble, founder Klaus Schwab’s knack for brokering cross-border relationships faces a stiff test.
Register now for FREE unlimited access to Reuters.comThose that do show up have plenty to worry about as rising interest rates signal the end of easy money, while tight commodities markets challenge the previous consensus. Proponents of raising environmental standards are still out in force: the first full day includes no fewer than 10 panels dedicated to climate-related issues. But the focus has changed as Europe attempts to wean itself off Russian fossil fuels.
Cryptocurrency enthusiasts are out in force, as evidenced by the storefronts on Davos’s main drag occupied by companies like Circle. The “Medical Psychedelics House of Davos” will host a shindig for alternative decentralised finance on Tuesday night, and another party for policy leaders later in the week.
Getting people to the table is difficult, however. Russian oligarchs and business leaders, for long enthusiastic participants, are no longer welcome following President Vladimir Putin’s invasion of Ukraine. For the remaining chieftains, common ground will be more elusive than ever.
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