Borge Brende, President of the World Economic Forum, said that the global economy will grow in 2023 and will only improve with falling interest rates in the coming times.
In an exclusive chat with Rahul Kanwal, News Director, India Today, and Aajtak, India Today Group, Brende spoke about the India-China border conflict. He said, “We see that there are tensions in India-China relations as well, and I’m not talking about East Asia, where Japan is spending more money on the military, and there are tensions there too.”
When asked about the WEF’s level of engagement with China, Brende said: “We have seen China and the US agree to hold talks on climate and other things that may conflict. We want to see how China will reconcile with the US.”
“If national security becomes an issue, I don’t think they will trade together,” he added.
He stressed that there are semiconductor, mineral and other issues between the two countries, saying it has become a roadblock for other nations as well.
When asked about supply chain issues, Brende said, “There have been some reassurances from American companies and there is a lot of investment being made in Mexico, Vietnam and Thailand. Even investment growth in India is impressive.”
“The interest in India is very high in Davos. We have an unprecedented participation from India here in Davos. In particular, the growth of unicorns in India is impressive,” he added.
On the Ukraine-Russia crisis, Brende said: “The key to the crisis lies with Vladimir Putin, and it would be better if he started complying with international law. As we see the killing of so many Ukrainian women, children and others, it would be a dead end to say anything. But the war definitely continues at great cost and affects everyone.”
“We are also concerned about the Russian economy as it is shrinking and in very bad shape. I hope it ends soon,” he added.
Brende reiterated that India relied heavily on Russia for military equipment, and he would suggest that India should make its own decisions.
Borge Brende is President of the World Economic Forum and former Norwegian Foreign Minister. From 2011 until he took office as foreign minister, he was executive director of the World Economic Forum in Geneva.
The World Economic Forum (WEF) will hold its annual meeting in the Swiss city of Davos themed “Working Together in a Fragmented World” to address the world’s most pressing problems and promote innovative solutions.
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