GEBZE, Türkiye, Jan 15 (IPS) – “It was the best of times and it was the worst of times.” Charles Dickens is more relevant today than ever.
The rich and powerful will gather again this year in glamorous Davos for an invitation-only event. They arrive on charter flights and private jets and talk about our warming climate along with concerns about global warming.
The super-rich, politicians and celebrities will gather at the World Economic Forum’s (WEF) annual meeting later this month, when global inequality is at its highest. Last year saw phenomenal growth in wealth across major economies, with at least eight companies exceeding $1 trillion in valuation.
Meanwhile, marginalized people are barely making ends meet and are worried about where their next meal will come from. Globally, 733 million people face hunger and 2.33 billion people experience food insecurity. The situation is most severe in the 44 least developed countries (LDCs).
Data shows that the situation for people living in the poorest and most vulnerable countries is getting worse. According to Oxfam, the richest 1% own almost half of the world’s wealth, while the poorest own just 0.75%. In addition to inequality, external threats such as geopolitical tension and climate change are increasing. At the same time, the global economic outlook remains unclear.
The theme of Davos 2025 is ‘Collaboration for the intelligent era,’ is especially timely for wealthy countries reaping rich dividends from rapid technological advancement. Likewise, this topic has profound implications for people living in the poorest countries, where new and relevant technologies could permanently change the trajectory of development.
However, only 36% of citizens have access to the internet and digital infrastructure is weak. So if we care about a more equal world, a necessary first step is to focus on the realities of people living on less than $1.90 a day.
In terms of solutions, Davos should explore concrete, practical ways to provide financing and technical expertise to these countries to close these alarming gaps, where poor people are not just left behind, but completely excluded.
The summit agenda sets out five priorities and their rationale. This is all relevant to the poorest countries, if the will, financing and cooperation can be mustered.
Reimagining growth: The World Economic Forum notes that the digital economy has the potential to account for up to 70% of new value created globally over the next decade.
These potential and consequent economic benefits will overwhelmingly exist in the wealthiest countries. Nonetheless, the digital economy offers outstanding opportunities for LDCs to advance development gains.
Supporting the poorest countries through technology transfer, financing and capacity building can transform their development trajectories, creating new jobs and opportunities for their populations.
Industries in the Intelligent Era: The focus of this topic is consistently on the world’s largest companies and economies. But there’s a lot big companies can do to help grow the global economy to the benefit of everyone. Sharing best practices and investing in least developed countries are prime examples of how to promote a more equitable transition to a technological future.
Business plays an important role in strengthening these countries’ presence in global supply chains. It can also support small and medium-sized enterprises by improving their production capacity at the domestic level. But so far this hasn’t happened and it’s time to change focus.
Invest in people: Education systems globally are struggling to adapt to rapidly changing technologies, with only 54% of countries having digital skills standards. However, in 2020, 260 million primary and secondary students were out of school in the world’s poorest countries.
As long as the poorest countries spend more on servicing their external debt than on education, this terrible inequality will not change. Building human capital in the poorest countries using low-cost, high-efficiency technologies is fundamental. There is much the richest countries can do in this important area.
Earth protection: Climate-induced disasters and food insecurity are causing the world’s poorest people to go hungry. Climate financing measures are critical for the poorest countries, which account for less than 4% of global carbon emissions but are most severely affected by climate change.
Existing and new technologies that can help predict climate change and manage disasters must be transferred to those who need them most. Of course, developed countries must meet their commitments to finance climate action.
Restore trust: At a time of growing global inequality and growing isolationism, there is a lot of talk about global cooperation and multilateralism. Davos will be able to foster greater inclusivity and, in doing so, build much-needed trust and hope.
People with great wealth and influence also have great responsibility. Unless the World Economic Forum’s annual summit focuses on the more than one billion people living in the world’s poorest countries, it will remain an echo chamber for the privileged.
A global future rooted in equity, shared prosperity, and collective resilience is not only possible but essential for us all. Davos 2025 must seize the opportunity to establish itself as a true forum for global development.
Suddenly Maharaj He is the Executive Director of the United Nations Technology Bank for the Least Developed Countries (LDCs) and can be contacted at: (email protected)
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