Global economy set to grow in 2023, says WEF President Borge Brende

Borge Brende, President of the World Economic Forum said that the global economy will grow in 2023 and as interest rates are going down, it will only improve in the coming times.

In an exclusive conversation with Rahul Kanwal, News Director, India Today and Aajtak, India Today Group, Brende spoke about the India-China border conflict. He said, “ We see there are also tensions in the India-China relationship and I am not talking about East Asia where Japan is spending more money on the military and there are tensions there too.”

On being asked about the level of engagement WEF has with China, Brende said, “We saw how China and the US agreed to start doing discussions on climate and other things that might be in the fray. We want to wait and see how China is going to reconcile with the US."

“If national security becomes an issue, I don’t think they are going to do trade together,” he added.

Highlighting that there are semiconductor, mineral and other issues between both countries, he said that this has become a roadblock for other nations as well.

On being asked about supply chain woes, Brende said, “There have been some reassurances given by American companies and there are a lot of investments happening in Mexico, Vietnam and Thailand. Even investment growth in India is impressive.”

“There is a huge interest in India at Davos. We have unparalleled participation from India here at Davos. Specifically, the growth of unicorns in India is impressive,” he added.

On the Ukraine-Russia crisis, Brende said, “The key to the crisis is with Vladimir Putin and it would be better if he starts complying with international law. As we see killings of so many Ukrainian women, children and others, it would be an impasse to say anything. But the war is definitely continuing at a high cost and is affecting everybody.”

“We are also concerned about the Russian economy as it is contracting and it is in very bad shape. I hope it ends soon,” he added.

Brende reiterated that India is relying heavily on Russia for military equipment and he would suggest India should be making its own decisions.

Borge Brende is the President of the World Economic Forum and a former Norwegian Minister of Foreign Affairs. He was a managing director at the World Economic Forum in Geneva from 2011 until he became Minister of Foreign Affairs. 

The World Economic Forum (WEF) will hold its annual meeting in the Swiss town of Davos with the theme "cooperation in a fragmented world” to address the most pressing issues facing the world and promote innovative solutions.