The 16th Annual Meeting of New Champions of the World Economic Forum, also known as the 2025 Summer Davos Forum, kicked off this week with a focus on navigating a rapidly changing global economic landscape.
Under the theme “Entrepreneurship for a New Era,” the three-day event has brought together over 1,700 influential leaders from more than 90 countries to discuss how innovation and emerging technologies can foster resilience and growth.
Uncertainty casts shadow on global economic outlook
Economists attending the forum expressed concern over mounting uncertainties that threaten to trigger a domino effect across the world, reports CGTN.
Paul Gruenwald, global chief economist at S&P Global Ratings, highlighted the difficulties faced by forecast institutions amid unpredictable geopolitical and economic conditions.
“Uncertainty has been the dominant theme this year, especially stemming from U.S. trade policies,” Gruenwald explained. “With high levels of uncertainty, firms are hesitant to invest, consumers are cautious with their spending, and markets are beginning to show signs of slowdown.”
He mentioned that this cautious environment hampers economic growth and complicates policymaking at an international level.
Asian countries, particularly China demonstrate resilience
Despite global turbulence, some economies, notably in Asia, are holding steady. Economists at the forum highlighted China’s robust performance, attributing its resilience to its vast manufacturing sector and consumer market.
Zhu Min, former deputy managing director of the International Monetary Fund, emphasized China’s significant role in the global economy. “China accounts for 30 percent of global manufacturing, with a population of 1.4 billion offering a substantial consumer base,” he said. “Additionally, the country boasts millions of engineers and a diverse range of application scenarios, creating a favorable environment for innovation and software development.”
According to estimates, China contributes approximately 60 percent to global economic growth this year, underscoring its importance in stabilizing the world economy amid widespread uncertainties.
Meanwhile, Chinese Premier Li Qiang urged the international community to take proactive steps toward fostering international trade and economic cooperation.
The global economic and trade system is becoming increasingly diverse, with the Global South rising rapidly, Li said, noting that while the growth of traditional trade is slowing down, emerging trade has grown against the odds.
Li also noted that, beyond affecting global institutions and increasing regional collaborations, the world is facing volatile declines in cross-border investment and rising risks of fragmented production and supply chains.
As the forum continues, discussions are expected to focus on how entrepreneurship and technological innovation can help economies adapt to the challenges ahead.
The 2025 Summer Davos Forum aims to foster dialogue on creating sustainable growth pathways, emphasizing the importance of collaboration and innovation in shaping the future economic landscape.