Davos 23: going pear-shaped

Michael Roberts Blog

This week, the jamboree of the rich global elite of the World Economic Forum (WEF) has started again after the COVID interregnum. Top political and business leaders have flown in on their private jets to discuss climate change and global warming, as well as the impending global economic slump, the cost of living crisis and the Ukraine war.

Their mood is apparently downbeat. Two-thirds of chief economists surveyed by WEF believe there is likely to be a global recession in 2023, with nearly one in five saying it is extremely likely to occur. Corporate leaders are also anxious, with 73% of CEOs around the world reckoning that global economic growth will decline over the next 12-months. That’s the most pessimistic outlook since the WEF survey was first done 12 years ago.

Just before the start of the Forum in the snow of the exclusive ski resort of Davos, Switzerland, the…

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