World Economic Forum meeting wraps up with uncertainty in a multipolar world

Borge Brende, President of the World Economic Forum (WEF), listens to Indian Prime Minister Narendra Modi and Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF), displayed in screens during the Davos Agenda 2022, in Cologny near Geneva, Switzerland, Monday, Jan. 17, 2022. The Davos Agenda, which takes place from Jan. 17 to Jan. 21, 2022, is an online edition of the annual Davos meeting of the World Economy Forum due to the coronavirus pandemic. (Salvatore di Nolfi / Keystone via AP)Show less

The annual meeting of the World Economic Forum wrapped up on Thursday afternoon with a renewed sense of solidarity within Europe, but with wider questions about the global order as the time of a unipolar world of US influence diminishes.

Uncertainty on how the world will emerge from the Covid-19 pandemic, the Ukraine war and supply chain troubles will dominate the months before the Forum reconvenes next year.

While attendees at Davos have been speaking about the emergence of a multipolar world for years, in his closing keynote address the German Chancellor, Olaf Scholz, said: “We now live in a multipolar world – and we have to understand that and what it means for us.”

This multipolar world includes the emergence of countries such as India, Indonesia and Mexico as major economies, while China and Russia are presenting a different approach from the US and Europe to global governance.

The sense of uncertainty from this multipolar world was palpable in Davos, while figures such as US climate envoy John Kerry continued to stress the need for global co-operation on challenges that need countries to come together to tackle them.

Throughout the week, globalisation and the global financial order were discussed in Davos, without many new ideas emerging.

Kristalina Georgieva, managing director of the IMF, stressed that there must be a recognition that not everyone has benefitted from globalisation, and that “many were left behind”.

Mr Scholz echoed this sentiment, stating “we need a resilient globalisation, that takes into account the needs of future generations”.

While that means greater climate policies, it also means better co-ordination between sectors and countries to have more inclusive economic and political policies.

He added that diversification is necessary, and would be expedited, referring to tangible projects such as Intel’s intention to start producing microchips in Germany.

Manufacturing and the need for greater self-sufficiency appear to be paramount to diversification in Europe.

German chancellor Olaf Scholz speaks at the World Economic Forum in Davos, Switzerland. The annual meeting of the World Economic Forum is taking place in Davos from May 22 until May 26, 2022. AP Photo

The Mayor of Ukraine's capital Kyiv, Vitali Klitschko, addresses a news conference at the media village of the World Economic Forum (WEF) in the alpine resort of Davos, Switzerland. Reuters

German Chancellor Olaf Scholz, IMF managing director Kristalina Georgieva, European Central Bank president Christine Lagarde and WTO director general Ngozi Okonjo-Iweala join other dignitaries in Davos. EPA

Klaus Schwab, founder and executive chairman of the World Economic Forum, and German Chancellor Olaf Scholz address a plenary session. EPA

It is the 51st annual WEF meeting to be held in Switzerland. EPA

Dr Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, is interviewed by Bloomberg on the closing day of the Swiss summit. Bloomberg

European Commission Vice President Valdis Dombrovskis, India's Commerce Minister Piyush Goyal, World Trade Organization President (WTO) Ngozi Okonjo-Iweala and Flexport CEO Ryan Petersen take part at the panel discussion "Trade: Now what?" during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland. Reuters

German Chancellor Olaf Scholz leaves the stage after he addressed the assembly during the WEF annual meeting. AFP

Malaysia's finance minister, Zafrul Abdul Aziz, during a panel session on the closing day of the event. Bloomberg

German Chancellor Olaf Scholz addresses the Davos assembly. AFP

Takeshi Niinami, chief executive of Suntory Holdings Ltd., during a Bloomberg television interview. Bloomberg

World Trade Organisation Director General Ngozi Okonjo-Iweala during the 51st annual event. EPA

Hossein Amir-Abdollahian, Minister of Foreign Affairs of Iran. AP Photo

Princess Haifa Al Saud, the Saudi assistant minister for tourism. AP Photo

Pfizer chief executive Albert Bourla. AP Photo

Seth Berkley, chief executive of Gavi, the Vaccine Alliance. AP Photo

Investor and philanthropist George Soros answers questions after giving a speech in Davos. AFP

Bill Gates attends a session of the 51st annual meeting of the World Economic Forum in Davos. AP

Roshni Nadar Malhotra, chairwoman of HCL Technologies, during a panel session on day two of the annual meeting of the World Economic Forum. Bloomberg

Bob Prince, co-chief investment officer at Bridgewater Associates LP, speaks during an interview at the event. Bloomberg

European Central Bank President Christine Lagarde waves as she attends the annual meeting of the World Economic Forum. EPA

Marc Benioff, billionaire and chief executive of Salesforce.com, speaks during a panel session. Bloomberg

European Commission President Ursula von der Leyen and founder and executive chairman of the World Economic Forum Klaus Schwab prepare to address the assembly in Davos. AFP

US Special Presidential Envoy for Climate John Kerry addresses a panel session during the annual meeting of the World Economic Forum. EPA

Police stand guard on a roof near where the annual meeting of the World Economic Forum is taking place. AP

Mariam Al Mheiri, Minister of Climate Change and Environment, speaking at the Averting a Global Food Crisis session at Davos. Photo: World Economic Forum Flickr

Jane Fraser, chief executive of Citi, at the Global Economic Outlook session at Davos. Photo: World Economic Forum

IMF managing director Kristalina Georgieva and governor of the Bank of France Francois Villeroy de Galhau attend a session at Davos. AFP

Sadhguru poses for a photo with a guest at the World Economic Forum in Davos, Switzerland. Photo: World Economic Forum Flickr

Gita Gopinath, economic counsellor and director of the research department at the International Monetary Fund, speaks during an interview with Reuters in the Alpine resort of Davos. Reuters

A camera crew filming the World Economic Forum in Davos. Photo: World Economic Forum Flickr

Emir of Qatar Sheikh Tamim bin Hamad al Thani addresses the assembly. AFP

(L-R) Fifa president Gianni Infantino, former Brazilian footballer Ronaldo with the World Cup trophy and former footballer and coach Jill Ellis in Davos. AFP

Wladimir Klitschko (L), Ukrainian former professional boxer and businessman, and his brother Vitali Klitschko, Mayor of Kyiv and also a former professional boxer, address a WEF panel session. EPA

Swiss Police officers on guard on a street during the WEF annual meeting in Davos. AFP

Mark Carney, vice chairman and head of transition investing at Brookfield Asset Management, on the opening day of the World Economic Forum. Bloomberg

Ignazio Cassis, President of the Swiss Confederation and federal councillor, welcomes John Kerry, US special presidential envoy for climate, in Davos. EPA

A projection is displayed advertising the 51st annual meeting of the World Economic Forum n Davos. EPA

Participants walk through the Davos Congress Centre, the venue of the annual meeting. AP

Ukraine’s President Volodymyr Zelenskyy speaks by video at the opening ceremony of the World Economic Forum in Davos, Switzerland. Reuters

Klaus Schwab, President and founder of the World Economic Forum, delivers his opening speech at the event in 2020. AP

Swiss President Ignazio Cassis addresses delegates during the opening ceremony. Reuters

Ukraine’s prosecutor general Iryna Venediktova speaks by video during the opening ceremony of the Russian Warcrimes House, a photographic exhibition documenting atrocities alleged to have been committed by Russian troops in Ukraine. The display was organised by The Victor Pinchuk Foundation. AFP

Alok Sharma, president of Cop26, is interviewed by Bloomberg on the opening day of the forum. Bloomberg

Kristalina Georgieva, chairwoman and managing director of the International Monetary Fund, is interviewed by Bloomberg Television. Bloomberg

WEF director Saadia Zahidi is interviewed by Bloomberg Television. Bloomberg

A Swiss police helicopter flies over the Alpine resort of Davos, Switzerland. Reuters

The annual WEF meeting began on Sunday and will end on Thursday. AP

German Vice Chancellor Robert Habeck, right, with Swiss ministers Simonetta Sommaruga and Guy Parmelin after a meeting held on the sidelines of the summit. EPA

Mr Habeck, Ms Sommaruga and Mr Parmelin discussed the impact of the war in Ukraine on energy supply. EPA

Ukrainian MPs Yulia Klymenko, Yevheniya Kravchuk, Anastasia Radina, Alyona Shkrum and Ivanna Klympush-Tsintsadze attend a media reception. EPA

Ms Shkrum and Ms Klympush-Tsintsadze have urged world leaders to step up sanctions against Russia. EPA

Arifin Tasrif, Indonesia’s Minister for Energy and Mineral Resources, with Simonetta Sommaruga, the Swiss Environment, Transport, Energy and Communications Minister. EPA

Google, which owns YouTube, is one of the businesses represented at the event. Reuters

Facebook owner Meta Platforms is also Davos. Reuters

The US software company Palantir Technologies has sent delegates to Davos. Reuters

Participants gather at the 51st annual WEF meeting. EPA

A robot on display in Davos. WEF delegates have gathered in person for the first time in two years. EPA

The four-day meeting of political leaders, top executives and celebrities is expected to focus on the Ukraine conflict. Bloomberg

A chef serves canapes during the WEF's welcome reception in Davos. Bloomberg

Sweden’s Finance Minister Mikael Damberg spoke of the importance of a “Green Industrial Revolution” that would create more jobs and help to diversify economies, such as the production of “clean steel”.

Yet that diversification will need funding and time, while inflation is rising in key advanced economies and the speed of events since the Ukraine invasion three months ago continues to challenge diplomacy.

After four days of rigorous meetings, 400 organised sessions and hundreds of more meetings, participants leave Davos with uncertainty around the geopolitics and economics of the world.

However, they also leave with a sense of relief in being able to meet in person once again.

And as he closed this year’s meeting, the president of the World Economic Forum Borge Brende said: “I hope you will share with me the enthusiasm that we will meet again.”

That note of optimism, after the cancellation of one meeting and the postponement of another, is at least a positive end to a week charged with questions about the future.