This year’s meeting in Davos of business, politicians and international organizations took place against the backdrop of an energy crisis and unprecedented price increases caused by Russia’s invasion of Ukraine in February 2022.
Christine Lagarde, President of the European Central Bank, and Kristalina Georgieva, Managing Director of the International Monetary Fund, expressed the cautious hope that EU still avoid a serious recession. The head of the IMF noted:
“Inflation has improved. It looks like it’s starting to move in the right direction, which is to decrease. In particular, this concerns core inflation. China’s prospects for accelerating growth have also improved.”
Kristalina Georgieva Georgieva noted that what is happening in Ukraine cannot be considered as a regional conflict, in terms of its influence it belongs to the global ones:
“The Russian invasion has destroyed the ‘peace dividend’ we have enjoyed for three decades.”
Christine Lagarde believes that central bankers should continue to fight inflation even though price increases appear to have passed their peak:
“We are now entering a year in which I hope businesses, governments and consumers will take a bold approach to implementing the transitions that need to happen.”
Eco-activists also arrived in Davos, including Greta Thunberg, head of the Fridays for Future movement. They staged a protest march and launched an online petition demanding energy companies stop new oil, gas or coal projects, threatening legal action if they refuse.