Klaus Schwab: Current global crises are ‘serving as catalytic forces for the economic transformation’


At the World Economic Forum’s annual conference on Tuesday, chair Klaus Schwab told elected officials and corporate leaders that the world’s present economic and geopolitical challenges are opportunities for “transformation.”

The organization, which advocates for stakeholder capitalism and increased cooperation between public and private actors, sees these challenges as catalysts for economic transformation.

Schwab discussed how large corporations and social media companies are now part of a “messy patchwork” of superpowers, emerging powers, and rogue states that are competing for power and influence, leading to increased fragmentation and confrontation, the Daily Wire reported.

“We are confronted with unprecedented and multiple challenges. First, our global economy is undergoing deep transformation,” Schwab said during his opening address. “The energy transition, the consequences of COVID, the reshaping of supply chains are all serving as catalytic forces for the economic transformation.”

Schwab, who has led the controversial organization for decades, also reiterated his belief that the recession caused by the COVID-19 pandemic presents an opportunity for elites to create a “Great Reset” of the planet’s economic and social systems.

“The spirit of Davos is positive and constructive. It means investing into a greener and therefore more sustainable economy, investing into a more cohesive society by providing everyone with the appropriate skills and opportunities, investing into the hard and soft infrastructure that modern societies require,” he said.

“Through collective responsibility, innovation, and human goodwill and ingenuity, we have the capacity to turn such challenges into opportunities.”

Other prominent speakers at the conference included Ukrainian First Lady Olena Zelenska and European Commission President Ursula von der Leyen.

The theme of this year’s conference is “Cooperation in a Fragmented World,” which focuses on finding solutions through public-private cooperation. American officials, including members of the Biden administration, also participated in the conference.