The World Economic Forum (WEF) – annually held at Davos, Switzerland – held over the past few days and was concluded yesterday, as world leaders, business leaders, government officials and pundits – gathered, to look into the world economy, its position, risks and possibilities in the near term.
The forum comes as the global financial crisis continues, with certain nations in recession, and many at risk of a double-dip. The deficit crisis facing economies, also, continues to rage, with enormous debts, growing trade gap, low investor confidence, high unemployment and protracted uncertainty. Governments are looking at bail out, spending cuts, selling of bonds, treasury bills and certain assets.
Nigeria was at the summit, and was represented by the President, Goodluck Jonathan, many of his officials, and several business leaders. Nigeria, an emerging economy, whose mainstay is crude oil, and growth tied to the world oil market, pressed its desire for meaningful action to decision makers, in major economies — towards recovery.
Other nations too – submitted their concerns, so did the head of the International Monetary Fund (IMF), Christine Lagarde, and officials of international agencies and business chiefs. They understand that the present economic recovery is fragile, and action – like quantitative easing, increasing debt limit and non-harmful cuts – to preclude major economies or blocs from a recession that will affect the world – is necessary.
The forum is the first major gathering of world leaders on the world economic subject, this year, while meetings like the G20, G8 and several others will expound some of the subjects at the WEF. The WEF organization, released its Global Risk Report 2013, a few weeks back, detailing the major risks facing the world today. The WEF organization founded by Klaus Schwab, who is the Executive Chairman, has an annual African summit too that Nigeria is usually, well represented.