Oil Crisis, Migration Are Some Of The Main Topics Of Debate At The 2016 World Economic Forum In Davos
The recently concluded gathering of business and political leaders across the globe for the World Economic Forum in Davos, Switzerland has brought up the most significant economic issues of contemporary times. The activity was attended by nearly 3,000 leaders belonging to the private and public sectors, Aljazeera reported on Saturday.
The most pressing issues include the rapid decrease of oil value in the international stock market, gradual downward trend of the Chinese economy, emerging economies, migration, threats of recession, global inequality, technological advancement, Europe's political challenges including terrorism, refugee crisis and the poor coordination of Banking Unions.
The Organization for Economic Cooperation and Development (OECD) Secretary-General Angel Gurria talked about the economic prospects for the current year including the possible actions world economies could undertake in order to face future economic challenges. Gurria said the time has come for governments to consider implementing long-term reforms.
Meanwhile, the falling of global oil prices over the past months was perceived as an unfortunate event to some oil-dependent economies such as the Middle East and Russia. However, business leaders have acknowledged that low oil prices do not always hurt the overall global economy but instead created opportunities to local consumers.
On the issue of refugee migration and terrorism, VOA News reported that Jordan's Queen Rania appealed to wealthy nations about the creation of a special economic zone for Syrian refugees while United States Secretary of State John Kerry acknowledged the collaborative efforts of the international coalition in fighting the terrorist group ISIS.
Ventures Africa reported other accomplishments such as the forging of a Memorandum of Agreement between the Central Bank of West African States and The Islamic Corporation for the Development of the Private Sector for the establishment and financing of small and medium-sized enterprises in West African States. The agreement will also see to the value-creation of recent technological innovations as an important catalyst in driving an increase productivity.
Among the world leaders who attended the forum were Facebook's Chief Operating Officer Sheryl Sandberg, Canadian Prime Minister Justin Trudeau, Republic of Rwanda President Paul Kagame and Paypal Chief Executive Officer Dan Schulman.
