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The winter meeting of the 53rd World Economic Forum ended this Friday, January 20 with the traditional round table on the global economic outlook. And while at the start of the week, pessimism predominated with the cost of living crisis and the consequences yet to come of a war in Ukraine setting in at the heart of the concerns, the Forum closed with a note of optimism.
From our special correspondent in Davos, Mounia Daoudi
And if finally the worst was not yet to come. As proof this declaration of the director of the IMF. ” It’s less bad than what we thought a few months ago, recognized Kristalina Georgievabut less bad does not mean good “, she warned. One thing seems certain, the risk of a global recession is receding.
Despite the war in Ukraine and its multiple consequences on energy and food, inflation seems to have reached its peak and is starting to fall back in the main economies.
The reopening of China with the prospect of a vigorous recovery is also reassuring. Vice Premier Liu He, who met US Treasury Secretary Janet Yellen in Zurich, played appeasement on the trade war front.
Today I met with Vice Premier Liu He of the People’s Republic of China, our first in-person meeting. We exchanged views on macroeconomic developments and global financial issues in our efforts to deepen communication between the U.S. and China. pic.twitter.com/lafTqo7Unr
— Secretary Janet Yellen (@SecYellen) January 18, 2023
Good news also from the euro zone where the ECB expects much better activity than initially feared. Not to mention a dynamic labor market whether in the United States or in Europe.
But this good news on the macroeconomic level should not make us forget the crisis of the high cost of living which affects hundreds of millions of people throughout the world with, for the first time in 25 years, an increase in extreme poverty.
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