Global elite set to gather in Davos amid World Economic Forum’s most complex backdrop so far

NEW YORK — US Secretary of State Antony Blinken, French President Emmanuel Macron and key Middle East leaders are slated to attend next week’s World Economic Forum (WEF) putting talks to end wars in Gaza and Ukraine at the top of the agenda for the global elite.

The 54th annual WEF gathering in the Swiss ski resort of Davos will occur against its most complicated geopolitical backdrop to date, its president Borge Brende said on Tuesday.

A challenging global economic picture, with shifting interest rate policies and rising debt, will also confront the central bankers, financiers and business leaders attending.

A key closed-door session addressing this will be led by the chief executives at British-based bank Barclays and Canadian life insurer Manulife Financial Corp, according to a copy of the agenda obtained by Reuters.

Mr. Brende said much of this year’s focus would be high level diplomatic talks on wars in the Middle East, Ukraine and Africa.

“We will make sure that we bring together the right people ... to see how we can solve this very challenging world.”

Mr. Blinken and National Security Advisor Jake Sullivan would both attend, organizers said, making them the highest profile members of US President Joseph R. Biden’s administration in Davos.

Mr. Blinken and Mr. Sullivan will join key stakeholders in the conflict in Gaza, including leaders of Qatar and the United Arab Emirates — both countries having emerged as Middle East powerbrokers — and Israel’s president Isaac Herzog in Davos.

United Nations (UN) Secretary General Antonio Guterres and more than 40 foreign ministers will also be on site, organizers said.

Mr. Macron is expected to make a speech about France’s role in the future of Europe, while European Commission President Ursula von der Leyen will also address the forum, organizers said. The Elysee French presidential palace did not immediately comment.

War in Ukraine has dominated the last two WEF meetings and while President Volodymyr Zelensky is again expected to make a speech, it was unclear if any Russian officials would attend.

China, a key ally of Russian President Vladimir Putin will be sending Premier Li Qiang, the most senior Chinese official to rub shoulders with global business and political leaders at Davos since President Xi Jinping attended in 2017.

WEF organizers also emphasized the attendance of key leaders from the Global South. The non-aligned group of Asian African and Latin American countries have largely stuck to the sidelines over the Ukraine war, after initially condemning Moscow.

Geopolitical risks have mounted around the globe in recent years, with Russia’s war in Ukraine and Israel’s war with Hamas militants, and the recent related impact on shipping in the Red Sea. China, meanwhile, has been increasing military pressure to assert sovereignty claims over Taiwan.

“Unfortunately, what the last couple of years has shown us with the pandemic, the war in Ukraine and several other crises around the world is that we were not that resilient,” said Bob Sternfels, Global Managing Partner, McKinsey & Company, referring to global cooperation in a briefing ahead of Davos.

“Without resilience, we can have real setbacks.”

‘COMPLICATED’

A complicated economic backdrop, including central bank policy and increasing debt, would also dominate the agenda, World Economic Forum managing director Jeremy Jurgens said.

“We are expecting 2.9% growth this year and at least the global economy is growing, but it could be doing better.”

Mr. Jurgens said that the two regions that stood out for increased participation this year were Latin America and Asia, reflecting “broader shifts in the global economy.” —