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By Catholic Online (NEWS CONSORTIUM)

1/22/2013 (2 years ago)

Catholic Online (www.catholic.org)

Economic output by developed nations will account for less than half of the world's output by 2017

The financial crash in the United States in 2008 fundamentally changed the way the world works. Henceforth, the World Economic Forum held each year in Davos, Switzerland has reflected a theme of crisis with each succeeding year. The theme for 2013 is "Resilient Dynamism," suggesting that the world's leaders must now come up with new ideas for global, economic stability.

Leaders from business, government, academia and the media are now sequestered in its headquarters in Davos, Switzerland for five days of lectures and discussions about issues of global importance.

Leaders from business, government, academia and the media are now sequestered in its headquarters in Davos, Switzerland for five days of lectures and discussions about issues of global importance.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

1/22/2013 (2 years ago)

Published in Business & Economics

Keywords: Switzerland, Davos, World Economic Forum, governing nations, crisis


LOS ANGELES, CA (Catholic Online) - The forum's theme after 2008 have all reflected crisis thinking. January 2009's conference was billed "Shaping the Post-Crisis World." In 2010, it was "Improve the State of the World: Rethink, Redesign, Rebuild." In 2011, the theme was "Shared Norms for the New Reality" signaling an acceptance of the new global balance of power. Last year's theme was "The Great Transformation: Shaping New Models."

The theme of "Resilient Dynamism," suggests that after four years in which the expected global economic recovery has failed to materialize, the World Economic Forum might be forced to review its ideas.

What insights will the forum have about the world in which we now live?

Leaders from business, government, academia and the media are now sequestered in its headquarters in Davos, Switzerland for five days of lectures and discussions about issues of global importance. Each meeting has a theme aimed at capturing important current events.

Generally agreed upon, the most important global issue today is how to manage the transition from a world controlled by the so-called developed economies to a new multilateral world in which emerging countries are already playing a leading role.

Dealing with a changing, post-crisis world stems is largely on account that the institutions of governance, controlled by the 35 so-called advanced countries that are gradually losing their influence over the global economy.

The International Monetary Fund projects that by 2017 the advanced countries will account for 56 percent of the global GDP, measured in current dollars. Adjusted for different countries' purchasing power, the share of advanced countries will be 46 percent. Using the standard measure of purchasing power parity, therefore, in five years time, the advanced countries' economic output will account for less than half of the world's output.

For the time being, the West, led by the U.S. still controls the main institutions that set the global agenda. Candidates were chosen by horse-trading between the U.S. and Europe When the top jobs at the IMF and the World Bank came up for renewal.


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