While the economies of most developed nations have surpassed pre-pandemic levels, many emerging markets are unable to keep up. Geopolitical upheavals, notably the conflicts in Ukraine and Gaza, have cast a shadow over the trust and mutual understanding vital for a safe and stable future. In parallel, the intertwining of politics with the economic domain has injected a new layer of complexity into decision-making processes for businesses.
In recent years, governments have revisited their economic models, weighing geopolitical imperatives with commercial considerations. As a result, new industrial policies have come to light, including a surge in protectionist measures, screenings of new investment frameworks and the restructuring of supply chains. Consequently, a trajectory towards a more fractured global economy is emerging, where efficiency may succumb to national interests, thereby compromising living conditions. In parallel, in the realm of the energy transition, leaders grapple with the delicate balance between allowing emerging markets to pursue their growth trajectory while limiting greenhouse gas emissions.
Amid these intricate challenges, there is a strong need for action-oriented dialogues among leaders from government, business, academia and civil society from the Global North and South. As a critical player at the intersection of these two country groupings, Saudi Arabia is in an important position to work with developed and developing markets to reach their long-term goals, particularly in regards to international commerce, development finance and energy. Against this backdrop, the World Economic Forum will convene a Special Meeting on Global Collaboration, Growth and Energy for Development on 28-29 April 2024 in Riyadh, Saudi Arabia.
The special meeting will convene more than 700 participants, including key stakeholders from governments and international organizations, business leaders from the World Economic Forum’s partner companies, as well as Young Global Leaders, experts and innovators.
The programme will focus on three key thematic pillars:
1. A compact for inclusive growth
From the exponential improvements in artificial intelligence to the resurgence of industrial policies, recent trends in innovation and economic policy, along with long-term underinvestment in human development, threaten to widen global inequality and to thwart the progress of the past decades in the fight against poverty. To address these challenges, the meeting will explore the implications of these transformative trends for innovation, human capital and entrepreneurship. The deliberations will aim to support a constructive dialogue about key opportunities, which include emerging economic corridors, technology partnerships and the imperative of job-creating growth.
2. Catalizing action on energy for development
While the world heads towards a potential 2.9°C temperature rise this century, the urgency of the energy transition must also account for the stark disparity in energy access globally. With population growth outpacing new grid deployment and the affordability of off-grid solutions undermined by inflationary pressures, the number of people without access to energy is not decreasing at the pace needed to achieve the Sustainable Development Goals (SDGs), particularly in developing economies. The meeting will convene cross-sectoral actors to identify financial, technological and policy solutions aimed at scaling up the use of clean energy solutions while also ensuring equitable growth.
3. Revitalizing global collaboration
Ongoing geopolitical tensions in the Middle East, most notably the conflict in Gaza, have implications not only for the region, but the world. In navigating growing fractures within and between nations, the meeting will aim to foster dialogue between the Global North and South that can help revitalize international collaboration. The meeting will go beyond just recognizing areas of shared concerns by amplifying humanitarian initiatives where applicable and identifying the partnerships and actions that can help to contain the widening ripple effects of geopolitical instability and build a more resilient global economy.