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Overview of the 2011 World Economic Forum Agenda
2011-03-03KANG, Jeon-Eun
목차
요약
The theme for the 41th Annual Meeting of the WEF in Davos was “Shared Norms for the New Reality.”
● Global leaders discussed how the world could establish “Shared Norms for the New Reality” to address challenges under a new reality created by power shift and technological innovation.
● The “New Reality” refers to a condition the world is facing as the conventional world order was reshaped in its recovery from crisis.
● The forum witnessed changes wrought by the new reality, such as resource wars, growing income disparity and inequality, economic uncertainties, and rising instability amid dramatic social changes.
With global power shifting, emerging markets present new risks to the global economy.
● The key risk to the global economy this year is ‘risk shift’ brought about by ‘power shift’.
● As political and economic powers are rapidly shifting to emerging economies, risks arising from the countries, not just advanced economies, pose a potential threat to the global economy.
● International coordination is required to respond to power shift: voices are rising, calling for more responsibilities for Asia and Latin America which have grown in economic size and political influence over the years, and for the need to realign shared norms with the new reality.
● Discussion was made whether the world could keep the recovery mode: although optimism about the prospect dominated, there still exist a number of risk factors such as inflationary pressure, budgetary crisis, and currency and trade conflicts.
● A concern was also expressed over the European budget deficit: despite a optimistic observation from European countries, worsening economic disparity in the region, in combination with inherent flaws of the euro zone, can lead the EU to collapse.
● Inflation risks in emerging markets are on the rise: the agflation triggered by rising prices of grain and raw materials exacerbates geopolitical uncertainties in emerging economies, which was mentioned as a risk factor slowing down the global economy.
● A G-zero world without global leadership: the participants reiterated the need to establish global governance, as existing institutions for international coordination are in danger of collapse due to lack of leadership with capabilities and willingness to deal with challenges on the global level.
The failure to reach specific conclusions or consensus, however, seems to sustain fears about global risks.
● The WEF 2011 established itself as a venue to attest global changes described as slowdown of advanced economies and growth in emerging economies, and leaders attending the WEF advocated bigger roles for emerging economies in realigning a new world order.
● However, risks are likely to persist for a while, with no consensus reached and no practical solution suggested due to conflicts of interest between emerging and advanced economies over major issues.
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