HomeFUTURE OF FINANCE AT DAVOS 2021

FUTURE OF FINANCE AT DAVOS 2021

The Davos Agenda Meeting, hosted by the World Economic Forum (WEF), is set to look
quite different this year as the annual event goes digital. Over 2,000 leaders from
businesses, governments and civil society across more than 70 countries and regions will be
discussing the need for global cooperation in a post-pandemic world, under the theme ‘A
Crucial Year to Rebuild Trust’. As the global pandemic rages on, attendees of this year’s meeting have swapped the picturesque views of the Swiss ski resort of Davos for a virtual convening taking place between the 25th and 29th of January, 2021.

The main concern underpinning the Davos Agenda Meeting 2021 revolves around
supporting economic recovery amid ongoing challenges such as vaccine roll-outs, job
creation and climate change. During the welcome address by the founder and Executive
Chairman of the WEF, Klaus Schwab, it became clear that rebuilding trust is the number one
goal for the year ahead. And, the first step in restoring trust stems from global cooperation.

Rebuilding Trust and the Future of Society

The importance of trust has been brought to the forefront of this year’s Davos meeting, as
the only route to recovery following the economic and societal damage brought on by the
pandemic. The World Bank warned of a further decade of disappointing growth outcomes,
while the International Labour Organisation claimed that approximately 495 million jobs
have been lost worldwide during the second quarter of 2020.

Vaccines for Global Common Good

During a special address by European Commission President Ursula von der Leyen, the
importance of having a fast and efficient vaccine roll-out was highlighted. She urged for a
new public-private approach to detect, develop and manufacture vaccinations at scale, as
Europe already invested billions of euros to support the development of the Covid-19
vaccines.

The roll-out of vaccines gave a boost to global markets, although a spat between one
producer AstraZeneca (NASDAQ:AZN) and EU health officials over delayed vaccine deliveries
across the EU has dulled the positive outlook of economic recovery.

Is Climate Change Still on the Agenda?

The main theme of last year’s Davos Agenda Meeting returned this time around, as the
need for cooperation in the fight against climate change is ongoing. French President
Emmanuel Macron identified the climate crisis as one of the main priorities for the year
ahead, stating that members of the Paris Agreement have not lived up to their promises.
As the new US President Joe Biden officially re-joined the Paris Agreement after his
predecessor abandoned it, Macron insisted that every country must do their part. This could
lead to more green measures being taken on by businesses and governments, as well as a
new set of rules for citizens to abide by.

A Move Towards the Digital Economy

Another hot topic that has been discussed during the Davos Agenda meeting is digital
currency. This is the first time that cryptocurrencies have been publicly debated at the WEF
meeting, which is seeing policymakers exploring the future of this growing industry.
Following the wave of institutional investment that flowed into cryptocurrencies throughout
2020, the Davos meeting will also seek to understand the importance of digital investment
in the future. Such discussions could open up cryptocurrencies to even further gains in the
year ahead. Stay tuned!

With the Davos Agenda meeting setting the scene for discussions around economics and
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