From January 15 to 19, Davos hosted the World Economic Forum, the annual summit of the foundation of the same name. The event, titled “rebuild trust», attracted numerous personalities from the economic and political world, who came together to propose solutions to global challenges. At the center of the discussions were crucial topics such as security, international cooperation, economic recovery and artificial intelligence.
The most positive news came precisely from the world of economics and innovation: the President of the European Central Bank, Christine Lagarde expects a recovery in consumption, the normality of savings and the reduction of inflation. Research from the World Economic Forum, however, predicts that generative artificial intelligence can increase production efficiency in high-income economies and generate up to two million new jobs.
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Representing Italy, they traveled to the Swiss city Giancarlo GiorgettiEconomy Minister, Giuseppe Zafaranapresident of ENI, Paolo Scaronipresident of ENEL and numerous entrepreneurs and representatives of the main Italian companies.
The global economy returns to growth
Friday January 19, during the closing round table of the summit, the President of the European Central Bank (ECB), Christine Lagarde, made some statements on the prospects for the European and global economy, affirming that, for 2024, we can expect a continued recovery in consumptiona return to normality of savings, less rigid labor markets it's a reduction of inflationthat is to say this increase in the prices of goods and services, which is associated with a reduction in purchasing power.
These statements follow those published by Lagarde herself on Wednesday January 17, when she announced that by the summer the European Central Bank would take steps to lower interest rates (representing the cost of borrowed money and the return on savings).
The Italian Minister of the Economy, Giancarlo Giorgetti said he was satisfied with the announcements made by the President of the ECBexplaining that the fall in interest rates “This is good news for everyone, not only for the Italian debt, but also for all families who have a mortgage, for businesses that need to invest”.
French President Emmanuel Macron also spoke on Wednesday January 17, calling for more collaboration between European states, demanding the allocation of more substantial European public investments and the issuance of new forms of common debt to invest in large challenges facing the European Union.
Innovation and artificial intelligence at the World Economic Forum
The Chief Economists Outlook 2024 report on the impact of generative artificial intelligence, launched in January by the World Economic Forum, says that progress in AI could represent one of the most decisive drivers of change for global economic activity.
In this regard, 94% of economists surveyed by the report's authors predict that productivity improvements driven by AI will become economically significant in high-income economies over the next five years. Additionally, some estimates of the impact of generative AI highlight a annual growth in global productivity of 1.5% and an increase in global GDP of 7% over a ten-year time horizon.
In Davos, the UN Secretary General also expressed his opinion on the role of artificial intelligence, Antonio Guterreswho called for the involvement of States, so that they commit to regulation capable of limiting risks and to the development of a model of governance adaptive and open to all. A process that Guterres believes should be led by the United Nations.
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