By John Foley
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
(Any opinions expressed here are those of the author and not of Thomson Reuters)
It’s been an exciting week at Davos. The annual meeting of the World Economic Forum this year was refreshingly different from previous editions. There is a general sense of optimism.
With 1,500 business leaders and up to 50 government officials in town for the World Economic Forum it shouldn't be a surprise that advertising messages in Davos are aimed at a different demographic than one would expect in even the most upscale of ski resorts.
In its video presentation "Looking to 2060: A Global Vision of Long-term Growth," the Organization for Economic Cooperation and Development predicts that China will soon surpass the United States to become the world's largest economy, and will account for 28 percent of global gross domestic product by 2030. The OECD also predicts that by 2060 the combined GDP of China and India will overtake that of the OECD economies. Meanwhile, Bain estimates that by 2020 emerging economies will account for two-thirds of global economic growth.
Another year, another Davos. Last year’s World Economic Forum was overwhelmingly about Europe’s existential crisis. But Europe has quieted down, at least for now, and so we’re entering the first non-crisis Davos in years. But that doesn’t mean things have settled into, as Mohamed El-Erian puts it, a ‘new normal.’ It remains difficult to find markets with good risk/return, or an area of the world without serious geopolitical tensions.
Improving the health of employees worldwide is vital to our global economic strength and growth. In the U.S. alone, the economic cost of chronic diseases is estimated at $1.3 trillion annually. The World Economic Forum’s Workplace Wellness Alliance was launched in 2010, and it has spent the years since driving home the critical importance of investing in workplace wellness.
Thomson Reuters finance columnist Felix Salmon once noted that there is an inverse correlation between how important you are and how much time you actually spend at the World Economic Forum in Davos. Film stars, heads of state and the likes of Bill Clinton swoop in, speak on a prestigious panel, take a couple of important meetings and fly out within a day or two.