Key insights from 1st day of WEF special meeting in Saudi capital

RIYADH: A special meeting of the World Economic Forum (WEF) themed around global collaboration, growth, and energy for development ended its first leg of a two-day discussion on Sunday in the Saudi capital of Riyadh, reported Xinhua.

Leaders of the global economy and senior political leaders discussed hot topics, including inclusive growth, human capital, smart economy, and regional geopolitical stresses.

At the "Opening Plenary: A New Vision for Global Development," Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva said following the spring meeting, the IMF concluded that the world has built stronger fundamentals for growth rate in recent years, showing resilience to economic shocks.

However, she said, the world still faces two "very serious problems," referring to the 3.2 per cent forecasted growth for 2024, which is weak by historical standards, and "significant divergence across the world," with some countries doing well and others falling behind.

She stressed three economic priorities on inflation, fiscal buffers, and geopolitical fragmentation and encouraged the diversification of supply chains, noting that good industrial policies do not come with the sacrifice of trade.

Following the opening plenary, Palestinian President Mahmoud Abbas reiterated his call for an immediate ceasefire in the Gaza Strip.

He urged the United States to prevent Israel from launching major operations in the southernmost Gazan city of Rafah, and countries worldwide to recognise Palestine as a full member of the United Nations.

At a session held later in the day, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud also called the situation in Gaza "catastrophic by every measure," highlighting the failure of the international security mechanism in dealing with the issue.

IMF chief Georgieva and Saudi Minister of Finance Mohammed Al-Jadaan also took part in a themed panel on a slowdown in regional economic growth exacerbated by tensions.

On the sideline of the forum, Saudi Arabia and the Bill and Melinda Gates Foundation announced an initiative to eliminate polio worldwide. The initiative aims to protect 370 million children annually with a fund exceeding US$620 million.

The WEF special meeting is scheduled to continue until Monday, aimed at facilitating dialogue among thought leaders and the public on a range of topics, including environmental challenges, mental health, digital currencies, artificial intelligence, the role of the arts in society, modern entrepreneurship, and smart cities.

--BERNAMA-XINHUA

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