Although some of the global leaders have dropped out from joining the jamboree of elite delegates at World Economic Forum, those present at Davos think that the global economy is stumbling, but not falling over and there is not going to be a global recession.
Global financial issues remain at the centre-stage of World Economic Forum in the Swiss ski-town of Davos, and this year, about 1500 private jets made their way into the alpine town to attend WEF 2019. Although Theresa May may have missed out Davos, considering she has bigger issues like her country leaving from the European Union to take care of; Mr Macron’s trip to Davos was grappled by the French crisis and from the European’s powerful trio, only Germany is represented by the head of government – but the delegates at Davos think that “the global economy is stumbling but not falling over”.
The elites including rich bankers, investors, politicians and leaders have analysed the global financial concerns and they fear the growing public backlash against global capitalism, but believe that the growth is weakening but not by enough to generate a global recession. In the words of Philipp Hildebrand, vice chairman of BlackRock Inc. and a former Swiss central banker, “We’re slowing, but we’re still growing”, and hence, the “chances of a recession short of a major mistake or accident this year are limited”. Perhaps, these billionaires “still see healthy rise in consumer spending”, but they have to agree that they have too much money to fan out the real face of the issue.