Fearful global elite reeling from the rise in populism and Trump election gather at Davos and admit ‘there’s something unprecedented going on and we can’t deal with it’

Monday, January 16, 2017
By Paul Martin

The World Economic Forum is being held this week in Davos, Switzerland
Xi Jinping will be the first Chinese leader ever to attend the annual get-together
But the CEOs, bankers and politicians are flummoxed by the rise of ‘populism’
Brexit and the victory of Donald Trump have shocked mainstream politicians

16 January 2017

The global elite are meeting in the Swiss ski resort of Davos this week for their annual shindig but, as Donald Trump waits to be inaugurated as US President, the world’s power-brokers are struggling to come up with answers to the rise of ‘populism’.

The global economy is in better shape than it has been in years, stock markets are booming, the oil prices are on the rise again and the risks of a rapid economic slowdown in China have eased.

But incumbent leaders and established political parties are taking a pounding in opinion polls, especially in Europe, where the National Front’s Marine Le Pen is ahead in the race to become France’s next President.

The political leaders, CEOs and top bankers at the World Economic Forum, which starts tomorrow, have been left scratching their heads.

Moises Naim, of the Carnegie Endowment for International Peace, said: ‘There is a consensus that something huge is going on, global and in many respects unprecedented. But we don’t know what the causes are, nor how to deal with it.’

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