2011 World Economic Forum - Davos, SWITZERLAND

Nicolas Sarkozy, President of France
Highlights
2011 WORLD Economic Forum – Davos, Switzerland

G20 VISION
"We are 11 years into the 21st century, yet we are still functioning with the rules of the 20th Century. We have entered an age where it is ever more important to talk and listen to each other, to identify the collective common interest, and find news ways of thinking to help us build the future”, said President Sarkozy.


RISKY BUSINESS
“I am a little optimistic. I think that we have a stronger system than three years ago,” James Dimon, Chairman and Chief Executive Officer of JP Morgan & Chase, Chicago, Illinois, U.S.A. said during a debate on whether the world is now better prepared to face a future systemic shock.
But Dimon warned that any “socializing” of states’ debts, by involving other European Union countries in financing them, could send out the wrong message on the need for fiscal discipline. “You have got to make sure that some are not piggy-backing on others,” he said.

Maurice Levy, Chairman and Chief Executive Officer, Publicis Groupe, Paris, FRANCE, the international advertising and communications company, said that he is particularly concerned about surging asset prices in China and other leading emerging markets, which are being driven by the extremely fast growth of cities. “Where you have unremitting growth, you get crises,” he warned.

In part, the leap in global commodity prices, which has already triggered fears of political unrest in some developing countries because of soaring food costs, is linked to increasing urbanization, participants were told. Although rises in commodity prices can have the advantage of encouraging greater technological innovation, not all commodities can be easily substituted.
Klaus Kleinfeld, Chairman and Chief Executive Officer, Alcoa, Pittsburg, Pennsylvania, U.S.A., said that with demand for cars in China, for example, is certain to continue to expand; there will be no let-up in the global pressure on steel and copper prices

THE BIG SHIFT
President Susilo Bambang Yudhoyono, Indonesia, Southeast Asia, the president of the world’s third largest democracy described the post-crisis recovery as “sluggish and uneven,” citing continued concerns over European sovereign debt, fiscal deficits and the restructuring of the financial sector. In particular, rising unemployment could increase domestic tensions and reignite protectionism. “We have some distance to go and much to do to reach our common objective of strong, sustainable and balanced growth,” he stressed. Yudhoyono saw major strategic shifts in the new world reality.

One of these shifts is the rise of emerging economies, most of which are in Asia. By one estimate, the region will account for 45% of the world’s total GDP and one-third of world trade by the end of this decade. “I will let the pundits debate whether we are on the threshold of an ‘Asian Century’. Whatever you call it, one thing is indisputable: Asia is undergoing a rapid and strong economic, social, cultural and strategic resurgence – the sum of which is certain to redefine global affairs,” he said.

He also warned against complacency in tackling security issues. This is because old conflicts and flashpoints persist and non-traditional security threats are gaining centre stage. Diseases, natural disasters and terrorism continue to kill millions and rack up losses. “The bomb at the Russian airport three days ago reminded us that terrorism will continue to haunt us,” Yudhoyono said.

SOCIAL BUSINESS
Nobel Peace Prize Laureate and micro credit promoter Professor Muhammad Yunus, Bangladesh, INDIA spoke on the “asset of Social Business”.
We have selected his VIDEO for viewing – You can see other videos through the website below.


2011 World Ecomonic Forum - Davos, SWITZERLAND
• Comments taken from Press Releases – 2011 World Economic Forum.
• More information on the World Economic Forum Annual Meeting 2011: http://www.weforum.org