2009 World Economic Forum's Annual Meeting
February 1, 2009 marks the conclusion to America’s 2008 National Football League season via the SuperBowl and most notably our leadership in the recovery of the global economy. The playing field is leveling drastically and the tones of the world’s public leaders in Davos-Klosters, Switzerland and America’s almost nonexistent presence there was a blunt reminder.
With about 40 heads of states present at the Annual Meeting from all over the world, America’s current administration was represented only by the Director of the National Economic Council, Larry Summers, and the National Security Advisor, James Jones, Jr., both of whom were passive participants. The addresses presented by Prime Minister Vladimir Putin of the Russian Federation, Prime Minister Taro Aso of Japan, German Chancellor Angela Merkel, and “The State of Africa” panel were my highlights of the Annual Meeting. The set agenda for 2009 was unanimous and clear: Restoring responsibility and accountability in governments and regaining the public’s trust.
Unlike the Great Depression and past deep recessions, globalization and a credit crisis did not play such a significant role, and thus, this current economic crisis requires a global effort and cooperation in order for progress to occur. President Hans-Rudolf Merz of Switzerland reminded the world in his welcome address of Swiss author Max Frisch’s quote, “A crisis is a productive state. You simply have to get rid of its aftertaste of catastrophe.” German Chancellor Angela Merkel and President Taro Aso of Japan reiterated this by pledging to continue their aid to developing countries amid the status quo and stressing the importance of fulfilling the UN Millennium Development Goals. The consensus between both leaders was the importance of not missing the opportunity masked by the crisis that could lead to “better living on this planet”, as Chancellor Merkel succinctly put it.
Although the current global economic crisis was at the forefront in the Forum, other topics such as human rights, Zimbabwe, the Middle East peace process, food and energy security, financial empowerment for women, and global poverty were discussed. Going forward, if the recession worsens and leads to a global depression, my major concern: The fall of capitalism and democracy in developing countries and coups by radical socialists and militants.
The Annual Meeting offered a great deal of optimism to the global community and acted as a great predecessor to the G20 Forum, which will convene in April of 2009. I look forward to hearing more on the topic of micro financing in developing countries, which I think will be a significant stimulus for global economic growth in the near future.