Page 5 - World Economic Forum

Global economic slowdown headed for worst phase in three decades: WEF study

Global economic growth is estimated to fall to its lowest rate in three decades by 2030 amid the ongoing economic and geopolitical shocks, a new report said on Monday. Releasing the Future of Growth Report 2024 here ahead of its annual meeting of world leaders, the World Economic Forum (WEF) said this downturn is exacerbating a range of interconnected global challenges, including the climate crisis and a weakening social contract, which are collectively reversing progress in global development. The report called for a new approach to economic growth that balances efficiency with long-term sustainability and equity, examining speed, and quality together. Analysing the quality of growth across 107 economies, it found that high-income economies score high on innovation and inclusion, while lower-income economies on sustainability. "Reigniting global growth will be essential to addressing key challenges, yet growth alone is not enough," WEF Managing Director Saadia Zahidi said. "The .

AI can help mfg, healthcare, other sectors scale new heights: Nadir Godrej

Business leader Nadir Godrej on Sunday said manufacturing, healthcare and other sectors in India can scale newer heights with the right use of artificial intelligence. Here to attend the World Economic Forum Annual Meeting, Godrej also said India can achieve its net-zero goals ahead of the deadline as the country is moving in the right direction on climate related matters. Speaking to PTI, he said AI has great potential to help various sectors by optimising processes and it should be seen as a facilitator rather than a disruptor. Godrej is chairman and managing director of business conglomerate Godrej Industries. Climate change, conflicts, geopolitical and geo-economic concerns and opportunities and threats posed by AI are among the key topics to be discussed at the five-day WEF annual meeting beginning here on Monday. Godrej said the meeting should yield several positive outcomes on areas like climate change, global economic concerns and conflict resolution.

Global investors attracted to India amid political stability: Prashant Ruia

We are making significant advances in energy transition, focusing on hydrogen, green mobility, and green steel ecosystems, Ruia said

WeLead to Credible India: Indian lounges dominate Davos promenade

About a dozen Indian lounges have dominated the main Promenade street of Davos as the snowcapped resort town readies for the five-day World Economic Forum Annual Meeting beginning Monday. Adorning the event are WeLead Lounge - set up to showcase women leadership, India Engagement Centre, pavilions by Maharashtra, Tamil Nadu, Telangana and Karnataka, and IT majors like Wipro, Infosys, TCS and HCLTech showcasing power of AI and technology. And this time, in addition to Indian tea, coffee, 'samosas' and 'kachoris', there will also be Indian liquor flying off the shelves during 'Spirit of India Hour' on two evenings at a few bars, restaurants and lounges. In all, 60-70 lounges and pavilions have been set up by governments and corporates from across the world, of which about a dozen are Indian ones. Indian participation is also significant with three union ministers, as many chief ministers and a large number of officials and CEOs expected to speak over the next five days. Apex industr

5,000 army personnel deployed at Davos for tight security ahead of WEF meet

As Davos readies to host its annual talkfest of rich and powerful from across the world, nearly 5,000 army personnel have been deployed to help police and civilian authorities secure this small Alpine resort town. Davos is estimated to have a permanent population of just about 10,000 but is frequented throughout the year by tourists including skiing enthusiasts in ski season, but it is the week of the World Economic Forum Annual Meeting when it sees the maximum footfalls with at least 30,000 people in the town. Given the high-profile nature of the event, beginning Monday, the security is both discreet and visible and comprises snipers, drone jammers, regular frisking and checking and round-the-clock patrol. In addition to army personnel, there is a huge number of police men and women, support staff running into thousands and then nearly 3,000 world leaders are attending this year's summit, and so are over 500 journalists. And there is no less number of tourists, it being a ski ...

India remains a bright spot amid geopolitical tensions, says Nadir Godrej

'There are geopolitical challenges, but it does not affect India that much. India is in a bright spot'.

Green hydrogen can enable energy transition in net-zero journey: WEF report

Green hydrogen in India can not only provide energy for sectors such as fertilizers, chemicals, refining and iron, but also save carbon emissions compared to fossil fuels, the World Economic Forum said on Wednesday. In a detailed analysis of what it will take to make green hydrogen a credible energy pathway in India, the report said, "Green hydrogen can enable energy transition as India takes its net-zero journey towards 2070 while supporting its growing energy needs." Hydrogen produced through the electrolysis of water and powered by renewable energy, which is known as green hydrogen, is considered a clean, flexible and versatile energy carrier that can also help address the tension between energy supply and climate change, the report said. India is currently the third-largest economy in the world in terms of energy needs, and the country's demand for energy is set to surge. The demand is estimated to grow 35 per cent by 2030. In 2022, India's energy import bill was pegged at USD

Cyber inequity, AI key risks in 2024, says World Economic Forum study

AI advances pose more serious risk on elections that will be held this year across the world

5 ways to increase cyber resilience against increasingly diverse threats

All signs are that 2024 will be another challenging year, but by shifting practices and pursuing cooperation and best practice sharing, progress can be made

Govt, MDB coffers don't have trillions of dollars: World Bank chief Banga

World Bank President Ajay Banga on Tuesday batted for removing barriers to private sector investment, saying it is key to tackling challenges before the global economy as neither the governments nor multilateral banks have trillions of dollars in their coffers. Speaking to World Economic Forum Founder and Executive Chairman Klaus Schwab in a podcast ahead of the WEF Annual Meeting in Davos next week, Banga said the immediate challenges before the world are conflicts in Gaza and Ukraine as also the debt situation in several emerging markets. In the longer term, the major challenges remain poverty and inequality as also those related to the environment, the former Mastercard chief said. Banga, also a member of the World Economic Forum's Board of Trustees, will be among the key global leaders at the five-day WEF Davos summit beginning January 15. Asked what could be the solutions to the problems of inequality and poverty, Banga said, "the best way to solve, aside from creating better

From Chennai to Davos, it's a flying start for India Inc in New Year

Vibrant Gujarat, which is celebrating 20 years, is hoping to forge a record number of memorandum of understanding this year, surpassing its previous best of 28,360 signed in 2019

Global cooperation declining after resilience through 2012-2020: WEF study

The barometer release follows a year that was the hottest on record and saw escalating levels of conflict worldwide, but that also brought progress on climate action, trade agreements and innovation

Union ministers Vaishnaw, Irani, Puri, 2 CMs likely to attend WEF meet

Union ministers Ashwini Vaishnaw, Smriti Irani and Hardeep Singh Puri as well as Maharashtra Chief Minister Eknath Shinde and Karnataka Chief Minister Siddaramaiah are likely to visit the snow-laden picturesque Swiss resort town Davos next month for the World Economic Forum's Annual Meeting. RBI Governor Shaktikanta Das, India's G20 Sherpa Amitabh Kant and some ministers from Tamil Nadu, Uttar Pradesh and Telangana may also be in Davos for the annual gathering of rich and powerful from across the world. More than 100 Indian business leaders, including Gautam Adani, Mukesh Ambani, Kumar Mangalam Birla, N Chandrasekaran, Sajjan Jindal, Sunil Mittal, Rishad Premji and Adar Poonawalla, will also be in attendance. Also, more than 50 heads of states and governments from across the world are expected to attend the five-day annual meeting of the World Economic Forum (WEF), which describes itself as an international organisation for public private cooperation committed to improving the state

$13.5 trn needed to fast-track decarbonisation of key sectors: WEF

Transitioning to a more sustainable and carbon-neutral future will require USD 13.5 trillion in investments by 2050, particularly in the production, energy and transport sectors, a new World Economic Forum report said on Tuesday. The report noted that major producing countries and regions such as India, China, the US, and EU have now committed to net-zero targets, making it imperative for businesses within their jurisdictions to align their operations and strategies with the evolving regulatory landscape. However, complex and ever-changing policy regimes result in businesses allocating substantial resources towards compliance, impeding progress, and therefore establishing more consistent and stable regulatory frameworks with well-defined timelines is imperative for mitigating these risks, it said. Taking stock of progress towards net-zero emissions for eight industries that emit 40 per cent of global greenhouse gas, the World Economic Forum Net-Zero Industry Tracker 2023 report said

Why there are so few women in banking

The most significant boost to achieving gender parity could come from a commitment from companies to provide flexible working

Deming Grand Prize aligns with our quality objectives, says CEO Ceat Tyres

We first received the Deming Award in 2017, and earning the Grand Award now underscores our dedication, says Bannerjee

It's time for India to invest in maritime corridor through North Sea Route

The country must adopt strategies for various transport corridors to ensure a resilient and adaptable trade supply chain

Global economy to weaken, economists confident of India growth: WEF study

Most economists expect the global economy to weaken in the coming year amid political and financial volatility, but a large majority of over 90 per cent are confident of moderate or strong growth in South Asia, notably India, a survey showed on Friday. At the same time, the outlook for China has dimmed following signs of deflationary pressures and fragility in the country's real estate market, the World Economic Forum's latest 'Chief Economists Outlook' report said. As the world grapples with political and financial volatility, almost six in 10 believe the global economic outlook will undermine progress towards meeting the UN Sustainable Development Goals (SDGs), with 74 per cent saying geopolitical tensions will have the same effect. As world leaders head to New York for the UN high-level week to discuss how to advance on the SDGs, the WEF report found that over 60 per cent of chief economists expect the global economy to weaken in the coming year amid uncertain domestic and ...

Household, personal care sector to yield additional $62 bn by 2030: WEF

Household products and personal care sector can generate up to an additional USD 62 billion in annual business value by 2030 if it makes nature a central focus of its operations, a new research by the World Economic Forum (WEF) said on Tuesday. The projection is part of a broader USD 10.1-trillion business opportunity that could be unlocked by 2030 if more nature-positive solutions are embraced by the private sector, the WEF said. By emphasising on water stewardship, responsible sourcing, nature conservation, and circularity, household products and personal care sector can reshape its role in halting and reversing nature loss by 2030, the research titled Nature Positive: Role of the Household and Personal Care said. The sector currently generates around USD 700 billion in annual revenue, but sometimes at the expense of the environment. For instance, the cosmetics industry alone produces 120 billion packaging units a year. Palm oil -- a common ingredient in many cosmetics and ...

Decoupling from GVCs would lead to 10% loss in global GDP: WEF President

Brende emphasised that future prosperity and poverty eradication will rely on open trade and strong GVCs that must be inclusive and adjusted for climate change