1/26/2021
World Economic Forum 2021 Starts with the Theme "the Great Reset"
From the Chief Economists' 2021 Outlook Report: "The main trends to shape the global economy will be inequality and digitalization. Growing inequality, growing dominance of technology platforms on the market and spread of remote work will remain for a long time as the legacy of the COVID-19. Money, finance and competition policies will focus on the responses to these new trends. This will reinforce the role of the public sector in economy"...
European Central Bank (ECB) Chairman Lagarde: "Economic recovery in Eurozone may be delayed but it should not be derailed"...
The World Economic Forum (WEF) meetings will be held online due to the coronavirus pandemic this year. The meetings will be held on January 25 to 29, 2021. The main theme of this year will be "the Great Reset". Fairer economies, tech for good, beyond geopolitics, and society and future of work will be the other titles. Prior to the meetings, WEF published a report titled "Head Economist's 2021 Outlook" contributed by several key experts in the public and private sectors. It is argued in the report that inequality and digitalization will be the key trends that will shape the global economy. According to the report, growing inequality, growing dominance of technology platforms on the market and spread of remote work will remain for a long time as the legacy of the COVID-19. In addition to the fight against the pandemic and vaccination efforts, money, finance and competition policies will focus on the responses to these new trends. This will reinforce the role of the public sector in economy. Global cooperation and coordination will facilitate the solution in such issues as production and distribution of a vaccine for the COVID-19 in particular. For this reason, the return from parallel supply chains and globalization will not continue for a long time. "Public expenditures made because of the pandemic in the second half of 2021 will be directed to growth-oriented industries in the long run" Vaccination campaigns will speed up, and high amounts of public expenditure made because of the pandemic in the second half of 2021 will be directed to growth-oriented industries in the long run. There will be a few years before repayment of high public expenditures made because of the pandemic and the measures taken. COVID-19 vaccines will significantly help economic recovery. The new administration in the United States will revive multilateralism and contribute to the solution of problems inside and outside. Return from globalization, inequality and digitization will be the main trends that will shape the global economy this year. The most serious risk of this year for economic outlook will be the new and highly contagious types of coronavirus. ECB President Lagarde: "The economy will be different after the pandemic": Speaking at the panel titled "Reconstruction of Economic Growth" held online as part of the WEF 2021 "Davos Agenda" meetings, The European Central Bank (ECB) President Christine Lagarde stated that the Eurozone economy narrowed in the fourth quarter of 2020. Underlining that funding conditions should be favorable for companies and households in the course of the COVID-19 pandemic, Lagarde said: "The economy will be different after the pandemic". Pointing out that she hoped 2021 to be a year of economic recovery after the pandemic despite concerns for the new types of COVID-19 and tightening restrictions, Lagarde said "Economic recovery in Eurozone may be delayed but it should not be derailed" about the Eurozone. Pointing out that ECB would be in the market for a long time to support the economy, Lagarde said: "The Pandemic Emergency Purchase Program (PEPP) may be smaller than its current size of €1.85 trillion but it may be larger as well. There is no way to know this."
Annual Report
