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Facing populist assault, global elites regroup in Davos

Published: January 20, 2019
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Source: seattle times

<i>Davos Switzerland Alpine, Image Source: <a href='https://pixabay.com/en/davos-switzerland-alpine-city-2042711/'>nike159 Pixabay</a></i>
Davos Switzerland Alpine, Image Source: nike159 Pixabay

 

As the world’s financial and political elites convene here in the Swiss Alps for the World Economic Forum, their vision of ever-closer commercial and political ties is under attack — and the economic outlook is darkening.

Britain’s political system has been thrown into chaos as the country negotiates a messy divorce from the European Union.

A year after getting a standing ovation from the elites at Davos, French President Emmanuel Macron is sinking in the polls as he contends with “yellow vest” protesters who have taken to the streets to call for higher wages and fairer pensions. Nationalist political movements are gaining strength across Europe.

And the economic backdrop is worrying: experts are downgrading their forecasts for global growth this year amid rising interest rates and tensions over trade.

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