You can be on Entrepreneur’s cover!

#5 Quotes From the #WEF 2017 That Can Shake the World Economy The WEF meeting was dominated by various subjects like Robotics, China, Donald Trump and Brexit this year.

By Nidhi Singh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Wikimedia

The World Economic Forum is best known for the flagship event held at the end of January in Davos, Switzerland, bringing together CEOs, politicians, representatives from academia, NGOs, religious leaders, and the media.This year the WEF saw over 400 sessions on the official programme, covering everything from the rise of populism to the global economic outlook. The WEF meeting was dominated by various subjects like Robotics, China, Donald Trump and Brexit this year.

However, it also witnessed several foremost comments that can end up impacting world economies, for good and bad.

The US Has Wasted Its Wealth On Wars:

Billionaire of China's e-commerce leader Alibaba Group, Jack Ma spoke at the World Economic Forum that American international companies made millions and millions of dollars from globalization, but it has largely wasted its wealth.

Ma also stressed on the fact that in the past 30 years, America has had 13 wars at a cost of $14.2 trillion. And that's where it wasted its wealth. He believes that nobody is stealing jobs from the Americans, they have already spent too much on wars.

"It's not that other countries steal American jobs; it is US strategy –that it did not distribute the money in a proper way," Ma said.

Risks to U.S Economy From Dollar's Strength:

Donald Trump's senior advisor Anthony Scaramucci at the World Economic Forum warned that US policymakers need to be careful about the rising dollar strength.

"We need to be careful about the rising currency, not just because of what is going on internationally but it will have an impact internally to the United States as well." said Scaramucci in Davos.

Dollar Could Be The Greatest Risk To The Global Economy :

Scaramucci's views were backed by other participants, including Carlyle Chief David Rubenstein, who warned the strong dollar might kill the global economy in 2017.

"It would be ironic if Mexico had to be bailed out by the next U.S. administration," said Rubenstein.

Fear of Economic 'Race to Bottom' :

When asked about "black swans," could be expected in 2017, the International Monetary Fund (IMF) chief Christine Lagarde warned against the risks caused by U.S. president Donald Trump's policies.

"If the disruptions we are expecting for 2017 as a result of what has happened in 2016 prove to be all negative and we are to end up in a race to the bottom on the tax front, on the trade front, on the financial regulation front, then that for me would be a really big 'black swan' that would have devastating effects," said Lagarde .

A black swan is basically an event or occurrence that deviates beyond what is normally expected of a situation and is extremely difficult to predict.

Dangerous Consequences Of A "Trade War" :

It was the first time that a Chinese President was attending WEF summit in Davos . Chinese President Xi Jinping's speech at the annual summit touched upon various subjects like climate change, trade liberalization and globalization.

"We must remain committed to developing global free trade and investment, promote trade and investment liberalization and facilitation through opening up, and say no to protectionism," Jinping said.

He also added that no one will emerge as a winner in a trade war and hopes that other countries will also keep their door open to Chinese investors.

Nidhi Singh

Former Correspondent, Entrepreneur Asia-Pacific

A self confessed Bollywood Lover, Travel junkie and Food Evangelist.I like travelling and I believe it is very important to take ones mind off the daily monotony .

Business Solutions

Grab Microsoft Project Professional 2021 for $20 During This Flash Sale

This small investment is well worth the time it will save your team in organizing and monitoring project work.

News and Trends

IT Firm Happiest Minds Technologies Acquires Macmillan Learning India

The deal will likely be finished by April 30 and will cost INR 4.5 crore.

Business News

James Clear Explains Why the 'Two Minute Rule' Is the Key to Long-Term Habit Building

The hardest step is usually the first one, he says. So make it short.

Science & Technology

AI Will Radically Transform the Workplace — Here's How HR Teams Can Prepare for It

HR intrapreneurs are emerging as key drivers of AI reskilling, thoughtful organizational restructuring and ethical integration, shaping an inclusive future where technology enhances both efficiency and employee development.

Data & Recovery

This File Backup Tool Subscription Is $25 for Life for One Week Only

AOEMI Backupper Professional is designed to protect, store, and transfer user's files for them.

Business News

Microsoft's New AI Can Make Photographs Sing and Talk — and It Already Has the Mona Lisa Lip-Syncing

The VASA-1 AI model was not trained on the Mona Lisa but could animate it anyway.