This week, the picturesque Swiss town of Davos becomes the epicenter of global policy discussions as world leaders convene to address a plethora of critical issues. High on their agenda are two ongoing major wars, a burgeoning shipping crisis, and the ever-increasing threat of cyber-attacks. Complicating these discussions, however, is the staggering $88.1 trillion global debt burden, a figure reported by CNN. This unprecedented surge, predominantly fueled by public borrowing during the pandemic, now significantly undermines governments’ capabilities to tackle existing and emerging global crises effectively. The soaring debt servicing costs not only strain public services, already reeling from successive budget cuts, but also limit efforts to combat climate change and provide adequate care for aging populations. UN council to hold first meeting on potential threats of artificial intelligence to global peace The risk looms larger as governments might find themselves unable to borrow more to fulfill existing obligations and fund essential services, says the report. Former Bank of England’s monetary policy committee member, Michael Saunders, warned that a government unable to finance its debt could face abrupt and painful spending cuts or tax hikes, hampering its response to future shocks, it also said. As the world faces a risky year of elections with half the global population heading to the polls, there is little incentive for belt-tightening among incumbent administrations. The prospect of new leaders implementing ambitious tax and spending plans raises concerns about the sustainability of already soaring levels of public debt, the report said. In the United States, record levels of public borrowing have become a major point of contention between Republicans and Democrats, affecting national budget negotiations and jeopardizing the functioning of federal agencies, it said. China warns of artificial intelligence risks, calls for beefed-up national security measures The implications of mounting debt are not limited to economic challenges. Political polarization has already impacted the credit rating of the United States, with agencies like Fitch downgrading its rating. Moody’s has also warned about the potential removal of the country’s last remaining perfect rating. Amidst these challenges, the increased cost of servicing debt, driven by rising interest rates, is diverting significant funds away from essential public services. In the UK, the Labour Party has scaled back green spending plans due to concerns about adding to the country's debt burden, the report further stated. As the global economy grapples with these debt challenges and slowing economic growth, some experts, including Raghuram Rajan, former governor of the Reserve Bank of India, suggest that artificial intelligence (AI) could hold the key to a relatively painless recovery. They hope for discussions at Davos to shed light on potential solutions, emphasizing the transformative power of an AI-driven productivity boom to reshape the world’s economic fortunes. UN chief warns of risks of artificial intelligence

The world is in a “sorry state" because of myriad “interlinked” challenges including climate change and Russia's war in Ukraine that are “piling up like cars in a chain reaction crash,” the U.N. chief said at the World Economic Forum's meeting Wednesday. U.N. Secretary-General Antonio Guterres delivered his gloomy message on the second day of the elite gathering of world leaders and corporate executives in the Swiss ski resort of Davos. Sessions took a grim turn when news broke of a helicopter crash in Ukraine that killed 16 people, including Ukraine’s interior minister and other officials. Forum President Borge Brende requested 15 seconds of silence and Ukrainian first lady Olena Zelenska dabbed teary eyes, calling it “another very sad day,” then telling attendees that “we can also change this negative situation for the better." Ukrainian President Volodymyr Zelenskyy was scheduled to address the conclave by video link as the Ukrainian delegation that includes his wife pushes for more aid, including weapons, from international allies to fight Russia. Speaking shortly before Zelenskyy is German Chancellor Olaf Scholz, who is facing pressure to send tanks to help Ukraine and is the only leader to attend Davos from the Group of 7 biggest economies. Guterres said the “gravest levels of geopolitical division and mistrust in generations” are undermining efforts to tackle global problems, which also include widening inequality, a cost-of-living crisis sparked by soaring inflation and an energy crunch, lingering effects of the COVID-19 pandemic, supply-chain disruptions and more. He singled out climate change as an “existential challenge,” and said a global commitment to limit the Earth's temperature rise to 1.5 degrees Celsius “is nearly going up in smoke.” Guterres, who has been one of the most outspoken world figures on climate change, referenced a recent study that found scientists at Exxon Mobil made remarkably accurate predictions about the effects of climate change as far back as the 1970s, even as the company publicly doubted that warming was real. Read more: Economic woes, war, climate change on tap for Davos meeting “We learned last week that certain fossil fuel producers were fully aware in the 1970s that their core product was baking our planet," he said in his speech. “Some in Big Oil peddled the big lie.” Critics have questioned the impact of the four-day meeting where politicians, CEOs and other leaders discuss the world’s problems — and make deals on the sidelines — but where concrete action is harder to measure. Environmentalists, for example, slam the carbon-spewing private jets that ferry in bigwigs to an event that prioritizes the battle against climate change. On the second day, government officials, corporate titans, academics and activists were attending dozens of panel sessions on topics covering the metaverse, environmental greenwashing and artificial intelligence. Ukraine has taken center stage as the anniversary of the war nears, with Zelenska pressing attendees to do more to help her country at a time when Russia’s invasion is leaving children dying and the world struggling with food insecurity. The crash added more tragedy after a Russian missile strike hit an apartment building over the weekend in the southeastern Ukrainian city of Dnipro, killing dozens of people in one of the deadliest single attacks in months. But Ukraine is gaining additional international support: Dutch Prime Minister Mark Rutte said Tuesday that the Netherlands plans to “join” the U.S. and Germany’s efforts to train and arm Ukraine with advanced Patriot defense systems. The German government has faced mounting pressure to make another significant step forward in military aid to Ukraine by agreeing to deliver Leopard 2 battle tanks. U.S. Defense Secretary Lloyd Austin is scheduled to visit Berlin this week and then host a meeting of allies at Ramstein Air Base in western Germany. Guterres was not optimistic that the conflict, being waged less than 1,000 kilometers (620 miles) from Davos, could end soon. “There will be an end of this war. There is the end of everything. But I do not see the end of the war in the immediate future,” he said. Deep historical differences between Russia and Ukraine make it more difficult to find a solution based on international law and that respects territorial integrity, he added. Read more: Global economic growth will slow down in 2023, but will pick up in 2024: IMF chief "For the moment, I don’t think that we have a chance to promote or to mediate a serious negotiation to achieve peace in the short term," Guterres said.

The World Economic Forum is back with its first winter meetup since 2020 in the Swiss Alpine town of Davos, where leaders are seeking to bridge political divisions in a polarized world, buttress a hobbling economy and address concerns about a climate change — among many other things. Sessions will take up issues as diverse as the future of fertilizers, the role of sports in society, the state of the COVID-19 pandemic and much more. Nearly 600 CEOs and more than 50 heads of state or government are expected, but it's never clear how much concrete action emerges from the elite event. Here’s what to watch as the four-day talkfest and related deal-making get underway in earnest Tuesday: WHO’S COMING? Back in the snows for the first time since the pandemic and just eight months after a springtime 2022 session, the event will host notables like European Union Commission President Ursula von der Leyen, U.S. climate envoy John Kerry, and the new presidents of South Korea, Colombia and the Philippines. Chinese Vice Premier Liu He addresses the gathering Tuesday, a day before his first meeting with his U.S. counterpart, Treasury Secretary Janet Yellen, in Zurich. Yellen will skip Davos. Who else is missing? U.S. President Joe Biden, Chinese President Xi Jinping, British Prime Minister Rishi Sunak, Indian Prime Minister Narendra Modi and French President Emmanuel Macron. Russian President Vladimir Putin, of course: Envoys from his country has been shunned because of his war in Ukraine. Ukrainian first lady Olena Zelenska was on her way to Davos and will speak Tuesday, while her husband, President Volodymyr Zelenskyy, will give a remote address Wednesday and other officials from Ukraine are appearing on panels. Read more: Business trusted most in a more polarized world, report says Outside the main convention center, a themed venue known as Ukraine House is hosting a concert, photo exhibits, seminars, cocktail events and other meetings this week to drum up support for Ukraine’s efforts to drive out Russian forces. ECONOMIC FOCUS The slowdown in the global economy will be a major theme at Davos, with officials ranging from International Monetary Fund Managing Director Kristalina Georgieva and European Central Bank President Christine Lagarde speaking in sessions. Inflation soared as the world reopened from the pandemic and Russia invaded Ukraine, driving up food and energy prices, and though it has started to slow in major economies like the U.S. and those in Europe, inflation is still painfully high. Georgieva said in an IMF blog post Monday that divides between nations — the theme at Davos this year is “Cooperation in a Fragmented World” — are putting the global economy at risk by leaving “everyone poorer and less secure.” Georgieva urged strengthening trade, helping vulnerable countries deal with debt and ramping up climate action. PRIORITIZING CLIMATE A major climate theme emerging from the forum’s panel sessions is the energy transition from fossil fuels to clean energy. Former U.S. Vice President Al Gore will be talking about decarbonization, efforts to build clean energy infrastructure and ensure an equitable transition. It follows a strong year for the energy transition: Many countries passed incentives for renewable energy in 2022. One hot topic on the agenda — harnessing nuclear fusion — focuses on science that offers immense potential but is many decades away from a commercial rollout that could feed the world’s skyrocketing thirst for energy. Sessions on issues like adaptation to climate change and panels on deforestation, biodiversity and the future of environmental protection will give a greener hue to the gathering. CRITICAL VOICES The elite gathering is regularly skewered by critics who argue that attendees are too out-of-touch or profit- or power-minded to address the needs of common people and the planet. Throughout the week, critics and activists will be waiting outside the Davos conference center to try to hold decision-makers and business leaders to account. Read more: Robust leadership, political trust fortified Dhaka-Ankara economic, defence ties: Turan It started Sunday, when dozens of climate activists — some with clown makeup — braved snowfall to wave banners and chant slogans at the end of the Davos Promenade, a thoroughfare now lined with storefront logos of corporate titans like Accenture, Microsoft, Salesforce, Meta, as well as country “houses” that promote national interests. Greenpeace International also blasted use of corporate jets that ferry in bigwigs, saying such carbon-spewing transportation smacks of hypocrisy for an event touting its push for a greener world. It said over 1,000 private-jet flights arrived and departed airports serving Davos in May. Forum President Borge Brende acknowledged Sunday that some government leaders and CEOs fly in that way. "I think what is more important than that is to make sure we have agreements on how we, overall, move and push the envelope when it comes to the green agenda,” he said.

Bangladesh has discussed important bilateral issues with Switzerland, including the celebration of 50 years of bilateral ties between the countries, in Davos. State Minister for Foreign Affairs Md Shahriar Alam had bilateral talks with Livia Leu, state secretary at the Swiss Federal Department of Foreign Affairs, on the margins of the World Economic Forum Annual Meeting 2022, said the Ministry of Foreign Affairs Monday. Also Read: Cosmos Dialogue on Bangladesh-Switzerland relations to be premiered Wednesday  Bangladesh and Switzerland established diplomatic ties in 1972 and have been strengthening and broadening the relations since then.    

Hopes are rising that a breakthrough in discussions on how to tax digital companies will emerge at the World Economic Forum on Wednesday.

Four young climate activists, including Greta Thunberg, scolded the elites gathered at the World Economic Forum for not doing enough to deal with the climate emergency and warned them that time was running out.