The global elite are out in force in the Swiss mountains once again for the World Economic Forum in Davos. This year’s theme is ‘Mastering the 4th Industrial Revolution.”
The Forum’s Chief Economist Jennifer Blanke explained to euronews what that means: “If you think about the 3rd Industrial Revolution, that was really computerisation – that was the digital age that started around mid-20th century. And what we’re seeing is that the 4th Industrial Revolution is really building on that with all these exciting technologies, whether it’s biotech, artificial intelligence, 3D printing – all of these different, exciting things that are coming together.”
Euronews’ Sarah Chappell reports from Davos: “This year’s Davos theme looks to the transformation of the world economy over the decades ahead – but it’s the challenges of the ‘here and now’ that are set to dominate the discussions. 2016 has begun with several warnings about the global economy and the rockiest January for the financial markets that many here can remember.”
The state of the Chinese economy is one of the issues most concerning the financial world according to Nariman Behravesh, Chief Economist with IHS Consulting: “China’s poor policy response to its financial troubles is probably a big near-term risk [for the global economy]. I don’t think it will lead to a global recession – but it creates a lot of investor anxiety and has been creating these ripple effects across the financial world.”
And as well as China’s woes there are plenty of other political, economic and environmental risk threats to distract the Davos delegates from themes like the benefits of the Fourth Industrial Revolution.