Gloom the theme of Davos conversations

Abstract

Pessimism pervaded this year’s World Economic Forum. For one thing, the three global dynamics that underpinned optimism in Davos prior to the 2007/8 global financial crisis are gone. These were the firm belief in the triple pillars of globalisation, financialisation and migration, which used to be considered fundamental to growth but which now face a backlash. In their place is, for example, climate change, which creates a real sense of doom.