Since the inception of world economic forum in 1971, the meeting provides a suitable forum for the participants to solve the macro issues affecting the Europe, and the world as a whole.
Despite the discussion beginning as an economic conference, it has seen several political leaders using it as a non-partisan forum to address social and policy issues. With the forum underway this weekend, the world is anticipating on the issues that are likely to gain preference instead of the current social-economic conditions. Below are the questions that fall in the main agenda for the 2016 forum:
1. The Global Market Turmoil
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With more than 2500 of attendees expected at this year’s conference, among them will be the chief executives of the largest financial institutions in the world. Some policy makers and central bankers are expected to attend the meeting. With the world stock market experiencing a slowdown, the panels will focus on mitigating the current and future occurrences. While the US stock market has made a record decline of 8% denting the fortune of major investors, China remains the biggest worry.
With the current crude oil prices going below $30 per barrel, the United Arab Emirates Energy ministers will give an update on the reforms expected to turn around the situation. The meeting also seeks to address the impacts the turmoil will have on the emerging markets, with the Argentine President supposed to articulate the issue. The European Central Bank head is expected to give an assessment of the Eurozone economy and the effects on other continents.
2. The Fate Of The Chinese Economy
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Since last summer, the Chinese financial markets have seen the worst decline in 25 years causing widespread fear among the investors. To contain the aggravating situation, the authorities devalued the Yuan despite the stock market retreat. With these moves aggravating the fears among the investors, the policymakers have taken a backseat in giving the sufficient explanation.
While most of these occurred in the last quarter of 2015, the Chinese stock market has suffered another loss for the first two weeks of the New Year, attributed to insufficient manufacturing research that has devalued the currency once more. For this reason, Fang Xinghai, the vice chairperson to the Securities regulator is expected to update the Forum and the IMF on the measures required to rectify the situation.
3. The Plight Of Refugees
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With global leaders converging in Swiss this weekend, European Union leaders are likely to spark the discussion on the refugees fleeing the Islamist states. In fact, the refugees’ crisis will be the talking point for most of the European leaders owing to the humanitarian issues facing more than one million refugees that fled wars in 2015. The evident rift among the European countries in monitoring refugees’ entry to the continent has shown inadequacies in dealing with the issue.
The world leaders and humanitarian organizations will discuss the growing crisis and perhaps devise ways to integrate the refugees with the host communities. The Queen of Jordan is expected to address the push factors making millions risk crossing the Mediterranean Sea and cold winter conditions. Also, the French minister and EU minister for foreign affairs will discuss the current position of the continent about the crisis and the recent threat of terrorism.
4. The Climate Change Disaster
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With rising threat to climatic sustainability across the world, the participants are looking forward to strengthening the provisions of the Paris Climate protocol. The Paris agreement gave what the experts considered “ambitious and historic” provisions that committed both developed and developing countries to cut carbon emission levels. The agreement provided for financial assistance to the developing nations to aid in reducing carbon emissions and cope with adverse weather conditions.
Over the years, environmental factors have not topped the economic forums. However, with the annual risk assessment showing inadequate preparations to deal with adverse economic effects as the single largest economic threat to the economy, the issue will feature in the discussions. Several environmental scientists are expected to give expert solutions for the global warming and ways to increase the supply of cleaner energy.
5. The Rise Of Robots
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The modern technology has come a long way to improving the efficiency in handling different tasks. While business outfits look to lower the cost of operations, the world cannot blink away the expected loss of millions of jobs both in the managerial and technical levels. For this purpose, the theme for Davos 2016 is “mastering the fourth industrial revolution”. For some of the leading investors at the forum, the rise of robots means business and unemployment for the policy makers.
The WEF report on Monday estimated a potential loss of more than 7 million jobs in the world’s largest economies, with women being the biggest losers of intelligent automation. Sir Roger Carr, the current chairperson of BAE Systems, is expected to discuss the Robots involvement in war and the potential impacts to human safety. The South Korean robot-HUBO will be reviewed and displayed on the podium as the analysts come to terms with the technology that may replace them.
6. Finding The Cure For Cancer
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On the field of medicine, the US delegation, led by the sitting vice president expects to meet the international researchers, doctors, and scientist to fast track cancer research. With his son succumbing to Cancer in 2015, Bidden hopes to reignite the concern in the forum and hence speed up the search for a lasting cure. However, he will not be in isolation as the disease continues to plague many countries across the globe.
With numerous cases of Ebola experienced in 2014 and 2015 in Africa, the forum is expected to discuss the findings of the Vaccine. The agreement between the vaccine alliance and Merck pharmaceuticals will be formalized as the world seeks to contain potential outbreaks.
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