Top leaders discuss managing economic hurdles at AMNC23: 'We need to revive growth'
The session took place 27 June 2023 at AMNC, in Tianjin, China. Image: World Economic Forum/Jakob Polacsek
- The World Economic Forum's 14th Annual Meeting of the New Champions convenes in Tianjin, China, from 27-29 June.
- The meeting's theme is "Entrepreneurship: The Driving Force of the Global Economy".
- The meeting's first session, Braving the Headwinds: Rewiring Growth Amid Fragility, highlighted the importance of global collaboration amidst crises.
The World Economic Forum's 14th Annual Meeting of the New Champions kicked-off with top economic and political leaders discussing the major question of the day: How to manage economic headwinds and avoid fragmentation within the global economy.
The topic was discussed during a session titled Braving the Headwinds: Rewiring Growth Amid Fragility, which highlighted the importance of global collaboration amidst crises and geoeconomic instability.
The session featured Børge Brende, World Economic Forum President; Chris Hipkins, Prime Minister of New Zealand; Mia Amor Mottley, Prime Minister of Barbados; Ngozi Okonjo-Iweala, Director-General of the World Trade Organization; Pham Minh Chinh, Prime Minister of Viet Nam; and Zhang Yuzhuo, Chairman of the State-owned Assets Supervision and Administration Commission.
During the discussion, the speakers dove into the critical topic of fostering economic growth in the face of various challenges and navigating the forces fuelling economic decoupling.
Here are some of the top insights:
We will have to make sure that we are not moving into a lost decade. We need to revive growth.
”Increasingly in a world where awareness of climate change is becoming more pronounced every day, consumers are looking for products that are clean and green. So for our exporters, being able to market internationally as a clean green brand is important, but we have to back that up by ensuring what we produce is actually produced in a way that is clean, green and sustainable.
”First and foremost, the world is facing a climate crisis. And what is required is urgent action. But we cannot take action if we do not have oxygen and the oxygen is the capital, the finance needed to be able to fuel the activities both of the public sector and the private sector.
”When we take a global approach, we need to have global solidarity and uphold multilateralism.
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We need to create more new growth points for consumption.
”This situation of slow growth, slow growth in trade, would be made far worse if the world were to decouple or fragment.
”If ever there was a time for the public and private sector to work hand in glove, it is now. And if there was ever a time for the North and South, East and West to work together, it is now. We cannot take another crisis and decoupling presents that risk.
”For more, watch the full session here.