China's economic challenges were also highlighted, with its GDP growth slowing to 5.2% in 2023 and the country facing a semiconductor trade war with the U.S. and losing foreign direct investment. Despite these challenges, companies are still seeing value in investing in China. The popularity of the Davos conference was noted as causing logistical issues, with the city's infrastructure struggling to accommodate the influx of attendees.
Key takeaways:
- Economic experts and executives at the 2024 World Economic Forum do not expect a U.S. recession in 2024, citing potential interest rate cuts by the Fed and rising consumer confidence.
- Despite its global importance, the Middle East crisis was not a major topic of discussion at the forum, with many attendees choosing not to speak out on the conflict in Gaza.
- Artificial Intelligence (AI) was a major topic of discussion, with a shift in tone towards optimism and the belief that AI will not replace human jobs but rather supplement human work.
- China's economic challenges were highlighted, with slower GDP growth and a semiconductor trade war with the U.S. causing concerns about how to sustain growth as the U.S. looks to isolate Beijing.