Cooperation rings out in Davos call (2)

Uncertainty remains

Michel Ruimy, an economist and affiliate professor at ESCP Business School in Paris, said: "There is no doubt that 2022 was a difficult year economically. 2023 will continue to be dominated by uncertainty."

Given the precariousness of the economic situation, Ruimy said any new "adverse developments could push the global economy into recession and threaten the development of emerging and developing economies, which have been experiencing sluggish growth for several years due to high levels of debt and insufficient investment".

This year's forum also facilitates public-private collaboration through impact initiatives, which address issues ranging from pandemics and the climate crisis to education, technology and the energy transition.

Bovis said he believes that the role of the private sector will emerge as a lever of economic growth in 2023 and beyond, as private sector investment represents the acid test of resilience and ultimate performance in economies, both developed and emerging.

Following China's recent move on the optimization of its COVID-19 policy, observers are watching the country's 2023 economic prospects with great anticipation. According to the World Bank's projection, China is one of the very few countries to exhibit strong growth this year, at 4.3 percent.

"China's projected economic recovery in 2023 will support global growth, underpinned by domestic macroeconomic policy stimulus and its emergence from the pandemic," Beirne said.