Bloomberg Talks
Bloomberg Davos Special: All-Star Economic Panel
Jan 19, 2024
Prominent guests including ECB President Christine Lagarde, Carlyle Co-Founder David Rubenstein, and Director General of the WTO Ngozi Okonjo-Iweala discuss the threats and challenges faced by the global economy, the trade conditions in 2023 and forecast for 2024, the EU's concerns about subsidies and capital markets union, transitioning to a US-China partnership, building resilience and mobilizing resources, challenges of fiscal reform and financing the green transition, and the difficulties of raising taxes and phasing out subsidies.
55:09
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Quick takeaways
- Normalization trends in 2023 indicate a positive shift in consumption, savings, economic growth, and trade, but long-term stability is not guaranteed.
- Repositioning the US-China relationship from adversaries to partners can facilitate cooperation on climate change, global order, and the broken global trading system.
Deep dives
Global Economy Resilience and Challenges: Slow-Moving Changes Threaten Resilience
The largest challenges to resilience are slow-moving changes such as the shift in the global ecological balance, aging societies, and polarization. These threats, along with ongoing wars and conflicts, pose significant risks to human security. However, there are signs of normalization observed in 2023. Consumption and savings are gradually changing, affecting economic growth and trade. Inflation is also coming down globally. While these trends indicate a move towards normalization, it is important to acknowledge that it does not imply long-term stability or a return to normality.
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