From CNBC:

The 54th annual meeting of the World Economic Forum in Davos, Switzerland concluded Friday with billionaire and world leaders departing for home or a weekend ski trip. Conversations at the gathering paralleled corporate concerns about AI and the global economy’s political risks.

Economic experts and executives do not expect a U.S. recession in 2024. The Fed’s potential interest rate cuts and rising consumer confidence have piqued optimism about the economy.

At Davos, attendees have primarily avoided discussions about Middle Eastern crises, like the Israel-Hamas conflict, and potential dangers of another Donald Trump presidency.

The annual meeting featured AI rather than the crypto discussions of last year. AI took center stage at Davos, with technology leaders, banking executives, and musicians enthusiastically promoting its promises and potential.

Panel discussions and conversations about AI at Davos were optimistic and focused on AI’s potential opportunities rather than its dystopian threats. Sam Altman, CEO of OpenAI, stated that AI will change the world to a lesser extent than what people believe.

Chinese Premier Li Qiang revealed at Davos that China’s GDP grew 5.2% in 2023, slower than before the pandemic. China is grappling with a semiconductor trade war, declining foreign direct investment, and losing population to India.

Longtime Davos attendees note the city’s infrastructure cannot accommodate the ever-growing conference. Shuttles, Ubers, and hotel room prices surged during the event, with satellite events taking up more time than the main event space.



Read more: U.S. recession, AI, China economy