"China's role in securing global growth has been incredible ... What happens in China economically has a huge impact on the rest of the world, and that will continue because it is the second largest economy," said World Economic Forum President Borge Brende.
by Martina Fuchs
GENEVA, July 25 (Xinhua) -- World Economic Forum (WEF) President Borge Brende said on Thursday that he was optimistic about the economic outlook for China in the medium and long-term.
"We are expecting that the measures taken by China and the Chinese authorities will lead to a revival of growth" and are optimistic about the medium- and long-term economic development in China, Brende said, adding that as for the rest of the world, "the coming year is going to be a bumpy year."
The WEF president made the remarks as data from the National Bureau of Statistics (NBS) showed on July 15 that China's gross domestic product (GDP) expanded 2.5 percent year on year in the first half of 2022.
"The global recovery is slowing and it is now becoming a weaker and weaker recovery. This is also influencing the Chinese economy that is growing more slowly," Brende, a former minister of foreign affairs of Norway, said via a video conference.
According to the International Monetary Fund (IMF), global growth is projected to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023, 0.8 and 0.2 percentage points lower for 2022 and 2023 than the global lender projected in January.
Within the framework of the World Economic Forum in Davos, the Minister of Foreign Affairs of Georgia, Ilia Darchiashvili met with his Finnish counterpart, Pekka Haavisto.
At the meeting, the sides reviewed the agenda of cooperation between the two countries.
The Ministers stressed that Georgia-Finland cooperation has been successfully developing for over 30 years since the establishment of diplomatic relations between the two countries.
Special attention was paid to Georgia's European integration as the main direction of the country's foreign policy. Ilia Darchiashvili thanked his Finnish counterpart for his strong support for Georgia's sovereignty and territorial integrity, as well as for the country's European aspirations, and stressed the importance of international support in the difficult security environment in the region and in the world in general.
MFA of Georgia
Prime Minister Giorgi Kvirikashvili summarized the Georgian delegation's participation in the World Economic Forum in Davos and commended the results as successful.
According to the Head of Georgian Government, meetings were held heads of states and governments and leading global companies. Giorgi Kvirikashvili expressed hope for tangible results in the nearest future.
"During our two-day visit, we had many interesting meetings. I am pleased to inform you that, at yesterday's business launch, the President of the International Monetary Fund made a very optimistic forecast, which is very important to us. We had meetings with heads of states, prime ministers, and investors, whom we provided with information about our country. As you know, agreements are rarely signed in Davos. As a rule, information is exchanged and plans are made for further action. Georgia has very good chances of becoming a regional center of operations for many companies, which was actually pointed out by everyone we have met so far. We had meetings with service companies, manufacturers, and many are already taking interest in Georgia. We believe that we will soon have tangible results," Giorgi Kvirikashvili told the press.
The Prime Minister of Georgia continues a series of meetings at the World Economic Forum in Davos.
Georgian Prime Minister Giorgi Kvirikashvili met with Philipp Rösler, Head of the Center for Regional Policies of the World Economic Forum in Davos. The parties discussed the importance of the World Economic Forum, with its participating countries, including the Georgian delegation led by the Prime Minister.
Giorgi Kvirikashvili emphasized Georgia's investment opportunities and thanked the organizers of the forum for invitation, also expressing hope that the bilateral meetings at the World Economic Forum in Davos would bring about greater foreign investments.
In 2011-2013, Philipp Rösler served as Germany's Vice Chancellor and Minister of Economics.