Snowy Davos warms up to global business leaders

 

Snowy Davos warms up to global business leaders
People walk through the resort town of Davos.

davos - There are warnings that the world's have-nots are missing out more than ever

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Published: Tue 23 Jan 2018, 6:18 PM

Last updated: Tue 23 Jan 2018, 8:22 PM

After spectacular snowfall that stranded high-flying delegates on their way to Davos, the World Economic Forum started in earnest on Tuesday basking in robust global growth but facing warnings that the world's have-nots are missing out more than ever.

Indian Prime Minister Narendra Modi delivered the first keynote speech of the WEF in the Swiss resort, bookending a week that will climax in an address by US President Donald Trump.

Undermining rosy data on the world economy are warnings that elite fora such as Davos must start finding solutions for everyone else down the income ladder as the "one per cent" amass untold riches a decade since a major financial crisis erupted.

"We should feel encouraged, but we should not feel satisfied," International Monetary Fund (IMF) chief Christine Lagarde said on Monday, presenting an upbeat update to the organisation's forecasts for global growth.

"First of all, there are still too many people left out from the recovery and acceleration of growth," she said.

And in a message to the Davos forum, Pope Francis warned that debates about technological progress and economic growth must not supplant concern for humanity at large. "We cannot remain silent in the face of the suffering of millions of people whose dignity is wounded," the pontiff's message said.

Modi advertised India's appeal for investors as he vies to untangle decades-worth of red tape.

Laster, Canadian Prime Minister Justin Trudeau gave an address on his agenda for Canada's presidency of the G7 world economic grouping.

The Alpine resort of Davos has been hit by its heaviest snowfall in two decades, raising avalanche warnings. The snowfall eased on Tuesday, with clouds and sunshine forecast for later in the week when other world leaders arrive.

Some 70 other leaders are expected, including French President Emmanuel Macron, whose campaign for a 'French Renaissance' kicked into overdrive on Monday as his government welcomed 140 multinational business leaders en route to Davos.

British Prime Minister Theresa May meanwhile faces the challenge in Davos of persuading many of the same bosses that Britain remains a safe haven for investment, despite its messy Brexit divorce from the European Union. - AFP



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