Vienna. The corona pandemic is also forcing the Davos-based World Economic Forum (WEF) into crisis mode. Instead of being set in the snowy mountains of the Swiss Alps, this year the forum will start digitally with what is known as an agenda week. A face-to-face summit of the elite from politics, finance and business will not follow until the end of May, due to the pandemic in Singapore instead of Davos.
According to WEF founder Klaus Schwab, the agenda week that begins on Monday offers decision-makers from all over the world a virtual forum to show them ways out of the crisis in the “central year 2021” for the future.
Christine Lagarde, head of the European Central Bank, will again be among the participants this year: on Monday she will discuss how the world can find its way back to growth. The German Minister of Economic Affairs Peter Altmaier, France's Finance Minister Bruno Le Maire and Herbert Diess, head of the car manufacturer VW, are also involved.
With the exception of China, none of the major economies achieved growth in the corona crisis in 2020. President Xi Jinping will have the opportunity on Monday to explain the reasons for this success story. At the same time, observers are waiting to see what signals it will send to the USA: After the years of Donald Trump's US presidency, which were marked by trade war and the pushing back of international cooperation, Beijing should seize the opportunity to put relations with Washington on a new footing.
Hope for better relationship
However, the administration of the new US President Joe Biden has already made it clear that it will not take a cuddle course with its trade rivals. EU Commission President Ursula von der Leyen could touch on the topic of transatlantic relations at her agenda appearance on Tuesday, as could French President Emmanuel Macron and Chancellor Angela Merkel. After Biden's inauguration, the Chancellor expects relations with Washington to improve.
Biden has also broken with his predecessor's style in dealing with the corona crisis. As one of his first actions, he signed a decree declaring his government's willingness to participate in the international Covax initiative. This should guarantee a fair and equitable distribution of corona vaccines worldwide. The move underscores that, unlike his predecessor Trump, Biden is also relying on increased international cooperation to contain the virus.
Pfizer boss Albert Bourla and the German Minister of Health Jens Spahn will give an outlook on vaccination developments on Friday. Numerous top representatives from the German business and financial world will also meet in virtual Davos. (Reuters)
