Officials and economists in Davos will assess the severity of an expected global economic recession and chart ways to mitigate its impact when they meet this week during the World Economic Forum Annual Meeting in the Swiss mountain resort.
Among those attending will be Kristalina Georgieva, International Monetary Fund's managing director, Christine Lagarde, president of the European Central Bank, Bruno Le Maire, France’s Minister of Economy and economists Larry Summers and Raghuram Rajan.
Issues including soaring food and energy prices around the world and the outlook for Europe's economy will be front and centre.
“We're actually going to kick off the week on Monday with our chief economists outlook that lays out the agenda for 2023 ... the risk of recession, what may happen in terms of inflation, in terms of interest rates, and where some of the greatest opportunities lie in terms of various geographies in the global economy,” Saadia Zahidi, managing director and head of social and economic agendas at the forum, said last week.
“We will be looking also at that recession risk in the shorter term. But I think it still lies within the hands of the policymakers and leaders that will be gathered next week to put in place the right kind of growth agenda and ensure there's as little damage as possible, and a much faster recovery.”
The global economy is set for a sharp downturn this year, according to the latest projection from the World Bank.
Growth is projected to decline to 1.7 per cent in 2023, from the 3 per cent forecast six months ago, the Washington-based lender said in its latest Global Economic Prospects report released on Tuesday.
This is the third weakest pace of growth in about three decades, reflecting global monetary tightening, the effects of the Ukraine-Russia war, high inflation levels, worsening financial conditions and weaker growth in the US, China and the euro area.
"Weakness in growth and business investment will compound the already devastating reversals in education, health, poverty and infrastructure and the increasing demands from climate change," World Bank president David Malpass said last week.
The bank called for increased support for low-income countries to deal with food and energy shocks, people displaced by conflicts, and a growing risk of debt crises.
The International Monetary Fund’s latest outlook is also expected later this month.
In the US, the world's biggest economy, problems are also plaguing the technology sector — for years a fast-growth industry — with job losses under way at the biggest companies, including Amazon and Facebook parent Meta.
“There's a complex picture here ... we have to sort of embrace the full understanding of that complexity. On the one hand ... we're seeing some major headlines around certain parts of the tech sector. But much of what we'll be trying to look at next week is the emerging opportunity to deploy technology across multiple sectors, including agriculture, including education, including energy," said Ms Zahidi.
"And that actually means technology is much more ubiquitous across multiple sectors. And there's a huge opportunity there for further job creation, for further growth, especially in emerging markets, and a much more positive outlook."
To ensure this, she said, there will need to be investment to support sustainable, inclusive and resilient economic growth.
"A group of leaders from the public and the private sector will be coming together to address exactly that question, designing a framework and starting to align around that new agenda. That also includes thinking more about the markets of tomorrow, the specific areas of investment, everything from power storage, to education technologies that can create the right, resilient, sustainable and inclusive growth of the future,” said Ms Zahidi.
There will also need to be a focus on people, including on education and developing skills, otherwise "none of these opportunities can really play out, and nor will we have the kind of societal resilience that is needed to be prepared for future inevitable shocks".
The forum's 'Reskilling Revolution' initiative aims to give one billion people access to better education, skills and economic opportunity by 2030.
“We'll be announcing that we have actually crossed the milestone that we had set for ourselves three years ago, which was to reach a billion people by 2030, we should at this stage be 30 per cent of the target. And we will actually go well beyond that,” she said.
However, the picture for jobs remains uneven around the world.
“We're looking at very tight labour markets in much of the Western world. But in many emerging and developing economies, there needs to be a much greater focus on work quality, on living wages, and on putting in place job creating investments, especially for youth," Ms Zahidi said.
Dubai World Cup draw
1. Gunnevera
2. Capezzano
3. North America
4. Audible
5. Seeking The Soul
6. Pavel
7. Gronkowski
8. Axelrod
9. New Trails
10. Yoshida
11. K T Brave
12. Thunder Snow
13. Dolkong
Killing of Qassem Suleimani
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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Du Football Champions
The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
UAE currency: the story behind the money in your pockets
Cricket World Cup League 2
UAE results
Lost to Oman by eight runs
Beat Namibia by three wickets
Lost to Oman by 12 runs
Beat Namibia by 43 runs
UAE fixtures
Free admission. All fixtures broadcast live on icc.tv
Tuesday March 15, v PNG at Sharjah Cricket Stadium
Friday March 18, v Nepal at Dubai International Stadium
Saturday March 19, v PNG at Dubai International Stadium
Monday March 21, v Nepal at Dubai International Stadium
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Brief scores:
Toss: Rajputs, elected to field first
Sindhis 94-6 (10 ov)
Watson 42; Munaf 3-20
Rajputs 96-0 (4 ov)
Shahzad 74 not out
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
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The years Ramadan fell in May
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
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Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Mohammed bin Zayed Majlis
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
UAE currency: the story behind the money in your pockets
CREW
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The biog
Name: Shamsa Hassan Safar
Nationality: Emirati
Education: Degree in emergency medical services at Higher Colleges of Technology
Favourite book: Between two hearts- Arabic novels
Favourite music: Mohammed Abdu and modern Arabic songs
Favourite way to spend time off: Family visits and spending time with friends
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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