Problems around the energy, food, cost of living as well as climate change and the general economic climate will be high on the agenda at the upcoming World Economic Forum.
The World Economic Forum annual meeting for 2023 takes place in Davos-Klosters in Switzerland next week. The conference brings together private, government and civil society leaders under the theme, Cooperation in a Fragmented World.
As the world recovers from the devastation of the covid-19 pandemic, the war in Ukraine erupted – further negatively impacts the already weakened global economy.
Countries across the globe are battling slow economic growth, rising food and energy prices as well as a high interest rate environment.
The World Economic Forum head of Africa Chido Munyati says challenges presented by climate change and energy transition as well as the fourth industrial revolution will also take priority.
“At this crucial inflection point, as you can imagine we are still reeling from challenges related to the COVID 19 pandemic, some of unintended consequences that we are dealing with the crisis in Ukraine, the WEF would convene the foremost leaders to address challenges related to low growth, high, as well as climate change.”
The African continental Free trade area will top the agenda as a solution to the economic challenges that the continent faces.
“Because of the COVID pandemic, so for example in 2020 African governments collected 20% less revenue than anticipated and last year it was about 9% less revenue than anticipated, so you are very correct in identifying this as a top priority in terms of the fiscal and monetary challenges that governments face amends that’s why at the WEF, , particularly in the Africa division our key priority sort of the top line of our agenda is the, this is the largest free trade area in the world by number of people and land mass if effectively implemented it will be the 5th largest economy in the world with a GDP of 3.5 trillion dollars, this would create a framework in sectors such as health and energy, infrastructure, it will deepen our regional value chains, we will be self-sufficient by trading amongst each other as well as catalysing our industrialisation to that end, the WEF will be launching the first private sector report in collaboration with AFCFTA and our private sector partners,” explain Munyati.
Munyati says for the Africa region, the energy transition will also be a priority, in terms of how the region access affordable does and Morden energy to boost economic growth. He says about 600 million Africans still do not have access to electricity.
Video: World Economic Forum | Big issues on the agenda at Davos: Owen Nkomo
