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Monday, January 23, 2023

WORLD ECONOMIC FORUM: Leaders address cost of living

DAILY NEWS Reporter

PRESIDENT Samia Suluhu Hassan on Tuesday joined other world leaders at the official opening of the World Economic Forum (WEF) 2023, which started in Davos, Switzerland on Monday and set to end on Friday, this week. Among others, the forum will seek to address cost-of-living crisis.

The Director of Presidential Communications, Ms Zuhura Yunus, told ‘Daily News’ yesterday that Dr Samia was later expected to attend a sideline meeting dubbed; “Workshop on Food Action Alliance, Investing in Greater Resilience.”

“The workshop is aimed at discussing food security, nutrition, environment and climate change,” Ms Yunus explained.

The 53rd annual event’s theme is ‘Cooperation in a Fragmented World’, where business leaders, politicians, economists, and stakeholders are expected to discuss various aspects of global challenges ranging from the cost-of-living crisis and sustainable business models.

According to organizers of the global forum, participants at the global forum will also discuss energy transition, natural resource crises, future of jobs and gender inequality, among others.

The present meeting is crucial amidst the present crisis after the Covid-19 pandemic, growing US-China hostility and war pitting Russia and Ukraine, and others.

Recognising the need for such a global dialogue when the world is facing a multitude of crises, the McKinsey Global Institute in a recent report said the countries in the world are facing challenges that do not respect borders, they’re global in nature.

“Countries and economies everywhere are troubled by the challenges of building resilience in the face of massive disruption, affordably weaning our societies from fossil fuels, and building a system in which everyone prospers.

“There are no solutions to the world’s largest problems that do not involve the leaders of the world’s largest companies and national and international policymakers,” stated the report titled; Global flows: The ties that bind in an interconnected world.

Global leaders, celebrities, business heads, social activists, and economists, and business leaders are all expected to attend the global meeting.

Leaders who will be attending the meet will include European Commission President Ursula von der Leyen, European Parliament President Roberta Metsola, German Chancellor Olaf Scholz and South Korean President Yoon Suk-yeol.

Also on the list are Colombian President Gustavo Petro, Spain Prime Minister Pedro Sanchez, Swiss President Alain Berset, and Finland Prime Minister Sanna Marin.

Ukrainian President Volodymyr Zelensky will appear by video link today for a live interview.

The list also named the World Health Organization (WHO) Director General Tedros Ghebreyesus and United Nations (UN) Secretary General Antonio Guterres.

The World Economic Forum (WEF) Annual Meeting 2023 will be held on the theme, ‘Cooperation in a Fragmented World,’ and convene leaders from government, business, and civil society to address the state of the world and discuss priorities for the year ahead.

The Annual Meeting will provide a platform to engage in constructive, forward-looking dialogues and help find solutions through public-private cooperation.

Over the past two years, WEF has strengthened its impact initiatives, which deal with issues ranging from Covid-19 and climate change to education as well as technology and energy governance.

These include the Reskilling Revolution, an initiative to provide 1 billion people with better education, skills and jobs by 2030; an initiative on universal Environmental, Social and Governance (ESG) metrics and disclosures to measure stakeholder capitalism and the 1 trillion trees initiative aimed at protecting trees and forests and restore the planet’s ecosystems.

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