Friday, January 16, 2009

Interim Posting on World & Singapore Economics

Is Singapore ahead of or trailing the curve in this New World Economic Order?

WEF (World Economic Forum): shaping the post-crisis world

The global financial crisis will dominate discussions at the World Economic Forum’s 39th Annual Meeting later this month.

Taking place in Davos, Switzerland, the meeting will be attended by some 2,500 people, including leaders from business, politics, religion and non-governmental organizations (NGOs). They will be joined by more than 40 heads of state and government.

"The meeting will focus on managing the current crisis and shaping the entire post-crisis agenda, from economic reform to climate change," says Jim. "This is an important time for the world's business leaders to come together with the world's political leaders and leaders of NGOs to have in-depth discussions about serious issues that require global solutions."

Interviewed by the World Economic Forum this week, Jim set out his thoughts on this year's meeting and the challenges facing the global economy. Here is a snapshot of Jim's views on some of the pressing issues facing the world today:

The outlook for the global economy:

"Overall I am cautiously optimistic about the future of the economy. I think the right steps have been taken in the short-term to deal with the capital issues and the financial crisis. Having said that it will take a long time for trust to be rebuilt. Trust is lost very quickly and it will only rebuild over time."

Avoiding a greater backlash to market capitalism:

"I think it is really important that we get more values-based leadership in business today. When you think about things we’ve experienced, both greed and excess have been at the center of some of it – both on the part of institutions and on the part of investors who were seeking greater yield."

The future shape of financial governance:

"I think there is going to be some element of re-regulation of the markets. I think it is important that this will be done properly and thoughtfully and thoroughly. But at the same time I think it is important that this re-regulation not be so stringent as to squeeze out innovation."

Visit this WEF site for more information.