World Economic Forum: Geopolitical Tensions Threaten Growth

The President of the World Economic Forum (WEF), Børge Brende, stated that the geopolitical and geo-economic situation is the most complex in recent decades. The statement was made on the sidelines of the summit in Tianjin, China.

During the summit, Brende warned political and economic figures, including Singapore's Prime Minister Lawrence Wong, that there may be a decade of weak economic expansion if measures are not taken to boost growth.

The summit, also known as the 'Summer Davos,' is taking place amid rising geopolitical tensions in the Middle East and Asia, referring to the confrontation between Iran, Israel, and the United States, as well as the trade conflict between Washington and Beijing.

Brende noted that it is still too early to assess the full impact of trade tensions, stressing that globalization has changed, opening a new chapter where trade is no longer the sole engine of growth.