Highlights from 54th World Economic Forum in Davos, Switzerland

World leaders and corporate executives were on their way home from the 54th World Economic Forum (WEF) in Davos, Switzerland on Friday after a week of discussing high-stakes issues like the crisis in the Middle East, Ukraine, and the future of AI.

Take a look at some highlights from Davos, attended by more than 60 heads of state.

The World Economic Forum ended in Davos with no resolution or pathway to Palestinian statehood, or a ceasefire between Israel and Hamas. 

At least $15 billion will be needed to rebuild houses in Gaza alone, the head of the Palestine Investment Fund said. Arab states made clear they will not fund reconstruction unless there is lasting peace.

The ongoing conflict between Israel and Hamas is slowing down the economy of the entire Middle East, Qatar’s finance minister said.

Attacks by Yemen’s Houthi group on commercial ships in the Red Sea will drive up the cost of goods from Asia to Europe, DP World said. The attacks on ships will not stop until Israel ends its operation in Gaza, Yemen’s vice president and Iran’s foreign minister said.

China’s economy is open for business with its potential for foreign investment highlighted by China’s Premier Li Qiang at Davos. 

Amid concern over the uncertainties of AI technology, Salesforce CEO Marc Benioff said at Davos: “We don’t want to see an AI Hiroshima.”
The question of how to monetize the new technology persisted at the conference.

Argentina’s new President Javier Milei said “Free enterprise capitalism is the only tool we have to end hunger and poverty. ”  Milei met with IMF’s managing director Kristalina Georgieva to lay out his plan for Argentina’s $44 billion debt.

Ghana said it will re-engage with its international bondholders. 

Global bank bosses focused on inflationary pressures from increasing shipping costs and the possibility of rising oil prices.
Consolidation of European banks was discussed behind closed doors.

More than 80 national security advisers held discussions, which led to Switzerland offering to host peace talks. Ukraine’s President Vlodymyr Zelenskyy met with bank leaders to seek financing for Ukraine’s reconstruction.

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