WEF summit ends with words of caution for world economy

DAVOS: The five-day World Economic Forum Annual Meeting 2019 ended on Friday with several leaders warning about imminent challenges faced by the global economy, including climate change, growing inequality and US-China trade tensions.

In the last plenary session on ‘Global economy in transition’, IMF chief Christine Lagarde listed climate change, an ageing population, jobs for youth, income inequality and the need to make the world more cooperative among the key issues needed to be dealt with.

World Bank CEO Kristalina Georgieva made a passionate plea to give more decision-making power to women.

“Think of those that may be left out or behind. And how a just transition can be successful … For that success we ought to have more women like you (Lagarde) in the high corridors of power.

“Put these decisions in the hands of women, the moms and the grandmothers and very good things will come out of it,” she said.

In his closing remarks, Borge Brende, president of WEF, said the meeting had a lot many positive outcomes, including by the WTO on e-commerce, while strong commitments were made on various pressing challenges faced by the  world. (AGENCIES)