How they see it, February 3, 2013

Davos forum and the world economy

PUBLISHED : Sunday, 03 February, 2013, 12:00am
UPDATED : Sunday, 03 February, 2013, 6:39am

1. China Daily 

Officials and economists seem sure China's year-on-year growth will exceed 8 per cent this year. While the existing data underpins such optimism, China faces domestic and international challenges in maintaining stable growth. … The heads of the central bank and the National Development and Reform Commission expressed their concern about rising inflation this year. Yi Gang, deputy head of the People's Bank of China, warned in Davos that China could see its inflation rise to 3 per cent this year, possibly more. … While the international community should refrain from launching new monetary loosening policies, China needs to issue more consumption-friendly policies to increase its endogenous vitality. (Beijing)


2. The Guardian

It's easy to mock the World Economic Forum. After the session on global development, delegates emerged from hearing about the plight of the world's hungry to see a lavish Chinese buffet laid out just outside the conference hall. This year's theme was "resilient dynamism", one of those vacuous terms that could just as easily mean oiling the wheels of the capitalist machine. … Yet even here, at the ultimate corporate schmooze-fest, there were signs of disquiet among the captains of capitalism. … The prevalence of big bosses at events as varied as youth unemployment to "de-risking Africa" was a clear demonstration that they feel they have to offer the public a more compelling raison d'etre than profit maximisation alone. (London)


3. Jakarta Globe

Indonesia is among the star performers at this year's World Economic Forum, as the focus shifts from economic crisis to sustaining long-term growth. The country's strong economic growth and high consumption have been particularly impressive. … Indonesia's aspiration to rise up the ladder of national economies by size is clear, as are the steps it must take to get there. … Countries that offer strong growth will attract greater investment. But Indonesia may not stand out as much as in past years, given that more countries are posting strong economic growth. It will need to work harder on other fronts, such as maintaining social harmony and reforming education to maintain its competitive edge. (Jakarta)