World Economic Forum 2020
Donald Trump at Davos
The most hot-shot news of this week was “The World Economic Forum 2020” and the various discussions that took place here. Various world leaders and world behemoths deliberate on various issues. The world economic forum, based in Cologny-Geneva, Switzerland, is an NGO, founded in 1971. The WEF’s mission is cited as “committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas” It is a membership-based organization, and membership is made up of the world’s largest corporations. This year it took place in Davos Klosters, Davos, Switzerland. Albeit many leaders discussed issues this column would be focusing particularly on Trump’s Statement (President of USA).
- Trump said that the American economy was in a “Rather Dismal State” when he took office. was heard claiming that although America’s economy has been quite robust over the years when in 2017 January the Americans were in a state of despair as the economy was stumbling. With trade deals going up in the first part of his tenure and with the campaign of “Make America Great Again” things changed. Some analysts do criticize this statement and claim that the truth is- “Trump inherited a fairly strong economy from his predecessor Obama.”
- “For the First time in decades, we are no longer concentrating wealth in the hands of few”-Trump was also heard claiming that the gap between the rich and the poor is not widening but diminishing with social security schemes and even distribution of wealth. This claim is somewhat true but this is not unequivocal. Some Business analysts also state that “American inequality is still worsening year after year, as the 5% of rich contributes to 23% of Americas Economy”
- “We have the greatest economy we have ever had in the history of our country”
- this claim has been the most absurd one in the minds of all the global corporations and leaders. In recent months we all came across the global trade wars of China and the USA and how both of these countries are putting their economic burden on the world. The website businessinsider.com discusses this as “Trumps’ Economy is far from best one held by any American President.
- “Just last week alone the United States concluded two extraordinary trade deals- The agreement with China and the USA-Mexico-Canada Agreement.”
- US-China trade deals amounted to 737 Billion USD in 2018 compared 1.4 Trillion USD for the US and two bordering neighbors. The other trade deals seem to outbreak this fact, The European Union is itself is a product of decade long integration project aimed at bolstering free trade and it generated 4 Trillion USD a year amongst its 27 member states in 2017.
Conclusion- When a world leader claims something in an Economic Forum like this there are numerous debates all over the world. Similar claims have been discussed above discussing both sides. Though Trump claimed a lot of other things such as “I saved the HBCU’s” which are the colleges for African-American students critics do claim that, Many deals have locked down most of these HBCUs. After a week-long forum at Davos, the debate is still on.
AyushPuri TIAS New Delhi, India.