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World Economic Forum
The global economy 'at a crossroads' ahead of Davos: Chief Economists Outlook
Jan 16, 2025
Ralph Ossa, Chief Economist at the World Trade Organization, dives into the potential impacts of Donald Trump’s return on global economics and trade dynamics. He discusses the subdued growth outlook influenced by geopolitical tensions and climate risks. Ossa emphasizes the need for diversification in trade relationships and explains the complexities of global inflation post-COVID. He also addresses the rising challenges of sovereign debt and the significance of international cooperation versus isolationism in navigating these uncertain times.
38:29
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Quick takeaways
- The impending changes in U.S. administration could significantly alter global trade dynamics, prompting businesses to diversify partnerships to mitigate risks.
- Despite easing inflation projections, the lasting effects of previous price increases continue to hinder household spending and international trade activity.
Deep dives
Global Economic Resilience Amid Uncertainty
The global economy has demonstrated notable resilience despite various shocks, including the pandemic, inflation, and geopolitical tensions. The expected growth rates, while subdued, indicate a recovery post-pandemic, with growth projected to remain stable through 2025. However, uncertainty continues to loom due to political changes, particularly with a new U.S. administration that could shift trade dynamics significantly. As businesses and countries prepare for potential policy changes, many are diversifying their trading partnerships to mitigate risks associated with reliance on a single partner.
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