Davos Day 4: Global Economic Outlook in Focus – Business Live | Davos 2023

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Valdis DombrowskiEU trade commissioner warns against war in Ukraine

Blocks are working. Dombrevsky He told Davos to predict that Russia’s decline would continue.

From what we can see, the Russian economy was in decline last year and will fall into an even deeper recession this year.

Dombrevsky It suggests that energy prices have helped Russia’s economy soar because of the impact of the war in Ukraine.

The sanctions are having a cumulative effect, with personal, commercial and economic sanctions working together.

“We are a little slow and late,” Dombrowski said, adding that pressure on Russia’s energy sector is important due to EU sanctions on Russian oil and G7 oil prices.

“Staying on course is very important,” he concludes.

Ken Rogoff: Russia is headed for incredible poverty under sanctions.

Davos heard this morning that sanctions against Russia are playing a crucial role in the war in Ukraine.

Ken RogoffA Harvard University economics professor is telling delegates that while the war will be decided by military action, sanctions are having a significant impact on Russia’s economy.

RussiaAccording to Rogoff, Cuba, Venezuela, maybe even the giant Iran – with incredible poverty compared to what Russians are used to.

Rogoff believes that the Russian economy is weaker than official statistics, I don’t believe anything Russia says about the numbers.

Rogoff points to low employment levels, and declining fiscal revenues in manufacturing and other sectors of the economy.

The most important sanctions are to slow down the Russian military machine, Rogoff explains. As consumer devices contain chips that can be used for military purposes, it suggests that there should be further pressure on the gray market.

I don’t think before I come to the conclusion that sanctions are not working. They are second only to military intervention, but they are very important, Rogoff insists.

There are also examples where sanctions can bring about systemic change, such as the apartheid system in South Africa.

Rogoff says:

“If you continue the ban long enough and make them stronger and stronger, they will work.”

Introduction: Economic perspective in light

Welcome from Davos, the final day of the World Economic Forum.

Today, when top central bankers and policymakers give their assessment of the situation, we hope that the world economy will only experience a mild recession.

Crystalline GeorgiaIMF Managing Director, Christine LagardePresident of the European Central Bank and Governor of the Bank of Japan Kuroda Haruhiko All will appear on a panel with the French Minister of Finance on the economic outlook Mayor Bruno and Prof Lawrence Summers.

At 11am Davos time (10am UK) they will discuss future growth and the policies needed to stabilize the global economy.

Rumors here are that the world economy may pick up in the second half of this year.

Business leaders and economists were particularly gloomy despite that poll, and signs that the engines of global growth are slowing, leaving many households and businesses in economic trouble.

After Keir Starmer and Rachel Reeves attended Davos yesterday, Davos delegates are considering how the UK’s economic outlook could change under a future Labor government.

Starmer has condemned Rishi Sunak’s decision not to attend Davos – and some at Davos agree it was a mistake by the Prime Minister.

A businessman told us yesterday:

“Rishi was captured by Janka and decided not to come the moment he felt the last year was useless. Things go on.

Rishi was stealing the whole show.

“Starmer and Reeves really set the tone. They are here to promote themselves but they do this on the pretext of promoting the UK which is filling the void left by Rishi.

The message from Labor heavy hitters to Davos is that Britain will remain open for business as they try to deliver a comforting message to world leaders and CEOs.

Last night they rubbed shoulders with WEF elite at the JP Morgan party on the Davos Walk. Starmer discussed with Tony Blair And Jamie Demon.

Russia’s economic outlook and the impact of artificial intelligence are also on today’s agenda.

the agenda

  • 9am Davos / 8am GMT: Panel session on AI and white-collar jobs

  • 9 am Davos / 8 am GMT: Panel session on showing Russia’s economic direction

  • 10.15am Davos / 9.15am UK: Panel session on Youth Calls to Action

  • 11am Davos / 10am GMT: Global Economic Outlook: Is This the End of an Era?

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