Welcome to the fourth and final Day of Davos 2018.
We've heard from numerous heads of state, from across the globe. We've listened as actors and musicians have spoken with business leaders, and the heads of international organizations have chatted with academics.
There's still a packed day ahead of us, though. Here are some of the highlights from today:
15:00: Global Economic Outlook
16:15: Visions for a Shared Future
Paradise Papers: Davos panel calls for global corporate tax reform (Guardian)
A Davos, les “millennials” prennent la parole (Le Temps)
A shared future, a shared view in Davos (xinhuanet)
Saturn’s moon Enceladus potentially habitable: NASA scientist
(The Indian Express)
A Saudi Charm Offensive In Davos? (Arab News)
Our trip to Davos gave us proof of football’s power to change the world (Guardian)
The Fourth Industrial Revolution has been a hot topic in Davos. If you still don't know your Fourth from your Third or even your Second Revolutions, then our podcast series is here to help:
"My mum is Catholic, my father is Muslim, and I’m married to a Hindu. It works in my case," says business leader Hikmet Ersek.
The panel has discussed stigmas and cultural change.
The photographer Platon talks about the dangers of dehumanising migrants and refugees. Whenever we have taken a moral wrong turn in history, it's when we have stripped people of their humanity, he says.
But there could be a generational shift afoot.
The next generation
"We kind of forget we’re immigrants," says Kwiri Yang, Founder and Chief Executive Officer, LifeGyde.
The millennial and Gen Y generations have a global mindset, she says, partly because of the online platforms they use to communicate and collaborate.
Here she is earlier in the week with members of the Global Shapers community in Davos:
From emotion to economic facts: Alejandro Ramírez talks about the positive impact of migration on the US economy.
Here's some background from Forbes on how immigrants drive the start-up economy.
Harrowing testimony
The photographer Platon talks about the most dangerous stretch of land to cross the Mexican-US border, and the people who make the desperate journey because they can't feed their family. He quotes a local landowner who leaves water out for dehydrated migrants, who says: "People are dying on my land."
Platon shows photos of the morgue where the bodies of dead migrants end up. Their personal effects are combs, toothbrushes, rosaries, photos of their children.
Immigration is a huge political issue in the United States - but it is a global phenomenon, not an American one.
A global view
Alicia Bárcena Ibarra talks about how her country, Chile, is welcoming migrants into the social security system as a buffer for an ageing population. Hikmet Ersek points out that Uganda gives South Sudanese work permits. "Japan is getting older. Europe is getting older and they’re not producing kids. Africa by 2050 will double the population," he says.
"Immigrants have no lawyers, no flags, no special interests, no ambassadors… The easiest way to win an election is to go after them," says Hikmet Ersek.
The panel discuss how immigrants are used as scapegoats and the problems of short-term political thinking. Technological innovation is displacing more jobs than migrants.
Platon talks about his work documenting lives impacted by immigration. He tells an emotional anecdote of winning the trust of a three year-old girl whose father was imprisoned as an illegal immigrant.
More background on his work below. The women in this photo are farm-workers, wearing bandannas to protect themselves from pesticides. Platon says the women told him they were vulnerable to rape and had no drinking water when they worked in the fields.
"Immigrants come, drive the economy of the country, and 85% of earnings stay in the county. They send 15% of earnings home. Immigrant contributions are about 9% of global GDP," says Hikmet Ersek, CEO of The Western Union Company.
Many Fortune 500 CEOs are from an immigrant background, he says.
Take a step back for a moment and look at how people spread around the world over a period of 125,000 years.
"Immigration is a contribution to democracy and development," says Alicia Bárcena Ibarra of the UN as the session begins.
Countries that are open to immigrants grow on average up to 2% more for each additional percentage point of immigrants in the labour market, says Alejandro Ramírez, Chief Executive Officer of Cinepolis.
Asia’s economic rise in the Third Industrial Revolution has been remarkable. But as the Fourth Industrial Revolution gathers speed, how can the region maintain its competitive edge beyond traditional industrialization pathways?
Here's a look at how some of the Asian economies rank in the latest edition of our Global Competitiveness Report.
Carrie Lam, Chief Executive of Hong Kong SAR, says the 4IR is going to have a huge impact, especially in professional services. There will be a lot of opportunities for fintech, biotech, education and care for the elderly. We will need a lot of new people to carry out these roles, she says.
Thomas Trikasih Lembong, Chairman, Indonesia Investment Coordinating Board (BKPM), quotes a headline he saw recently in a newspaper. The robots are coming, he says, but they are coming not to replace us, but to give us a promotion.
AI will liberate us to focus on things of the heart, he says.
Xu Jinghong, Chairman of Tsinghua Holdings, is asked how China will cope with the 4IR.
The biggest thing about the 4IR is its ability to learn, he says. It will replace some of our knowledge, but this is not something to be feared. Machines will never replace our thinking and our imagination or the communication of human emotions. Our culture, minds, spirit and imagination will flourish.
The machines will replace the more tedious tasks and new industries will emerge, so I'm not worried about jobs, says Xu.
Asia is in a strong position to build the manufacturing base of the future, says Thomas Trikasih Lembong, because of the sheer number of science and technology graduates. Of all the regions of the world, it should be the least worried.
There's been lots of chatter about participants from across the globe.
According to the Forum's own monitoring, here's who's been getting the most mentions:
Donald Trump: More than 70,000
Emmanuel Macron: 17,700
Narendra Modi: 14,500
Angela Merkel: 13,900
Justin Trudeau: 13,600
Ahead of his special address to the Annual Meeting today, President Trump spoke to British journalist and TV host, Piers Morgan.
Worldwide, more than 320 million people suffer from depression. What can be done to stop rising rates of depression among young people and safeguard their mental health?
Taboo of depression
The leading brain expert, P. Murali Doraiswamy, believes depression is the last great taboo of the 21st century - because of a lack of awareness, and self-taboo.
The first real major step, he says, to overcome this taboo is education - educating ourselves and society.
William Smith Stubbs a mental health campaigner and co-Founder of Spur:Labs in Australia, told the panel:
“My personal opinion is that no-one gets out of depression alone. We’ve created an artificial culture of ‘don’t talk about that’. For me it was support of the family - had they not been here then I would not be here, but I didn’t talk about it."
Economic impact
Vivian Riefberg, a senior partner at McKinsey, says depression is a killer, of people, or productivity and generosity in society.
How many life threatening diseases do we allow to be untreated? For some reason we have separated mental health issues from all the other issues as though they are not as important. Yet from a 'killer perspective' and incapacitating perspective, and economic perspective - the cost of lack of productivity - this has an impact.
Suzanne Fortier, Principal and Vice-Chancellor, McGill University says we must support each other.
Tackling depression
P. Murali Doraiswamy says we take better care of our smartphones than we take care of our brain and our mind. There is no one cause to depression - each country is experiencing different trends.
"Depression comes from a complex interaction between the environment, culture and our brains."
William Smith Stubbs spoke of the impact of social media on our mental health: "I don’t think social media is inherently evil. When we first designed the internet and social media we didn’t imagine we would live there. We didn’t think it would turn into an amusement park - if you spend all your time there it’s not so healthy."
Set your phone aside for an hour a day, says Doraiswamy.
Go for a walk in nature, says Riefberg.
We have a culture of success, says Suzanne Fortier, and that's artificial. We need to embrace failure as well as success.
Host Urs Gredig referenced one report from the UK, where 24% of 14 year old girls say they have experienced negative emotions, compared to 9% of boys. Is there a gender link to depression?
Getting business on board
Companies have to create a mentally healthy and mentally friendly environment, says Doraiswamy. Each company can define it how they want and should take steps to deal effectively with depression in the workplace:-
1) You need a peer programme in place.
2) Have clear policies of non-discrimination and parity.
3) If somebody takes a break for mental health-related issues and comes back to work there must be no discrimination.
Susanne Fortier from McGill pointed out the importance of investment in workers, attracting them and training them. "There’s no ROI if you don’t take care of the wellbeing of your workforce." You must invest in your people.
Taking part in this session were Urs Gredig, Editor-in-Chief, CNNMoney Switzerland; Suzanne Fortier, Principal and Vice-Chancellor, McGill University; William Smith Stubbs. Co-Founder, Technical Director, Spur:Labs; Ariella Käslin, Athlete; Vivian Riefberg, Senior Partner, Americas, McKinsey & Company; P. Murali Doraiswamy.
Depression is one of the most vital public health challenges for the 21st century – the mind affects every aspect of our body, our physical well-being and our family and social relationships.
It has a major effect on productivity. US$1 trillion a year - $130 a year for every person on the planet - is lost in productivity. Yet just 3% of total government spending worldwide is for mental health.
In the wake of states investing in offensive and defensive cyber capabilities, the risk of miscalculation is surging. What if a cyberattack escalates unpredictably into a major confrontation because there are no rules for cyberwarfare?
Whose responsibility?
Brad Smith of Microsoft says that the company has a unique role to play as 'first responders'. "There’s a shared responsibility for consumers and customers to maintain computer hygiene."
Smith also says that governments also have a fundamental responsibility.
Computer scientist Jean Yang, of Carnegie Mellon University, says it's everybody's responsibility to protect themselves. She says that many organisations and public bodies are still running Windows XP which has known vulnerabilities. Those organisations need better hygiene practice, she says.
A state of hybrid warfare
Ashton Carter points out that there are criminals, there are vandals, there are explorers - there are a whole class of people who are not states who are carrying out attacks, as well as states. His view is that an attack is an attack, "there's no such thing as a 'cyber attack' and we must protect ourselves.
"If you don’t lock your door, that doesn’t make burglarising your house ok - it’s still a punishable crime. We have to defend our people. When it comes to states doing this we are in this state of hybrid warfare - we need to get doctrinally settled there."
Democracy under attack
The internet has introduced new vulnerabilities for democracies around the world, said Microsoft's Brad Smith.
We have seen a number of attacks on democracy recently - hacking of political candidates running for office, potential issues relating to voting, paid political advertising on social platforms and unpaid introduction of false news.
"On one level they are distinct and we need to address them with different tools - but if you are an intelligence agency that is keen to disrupt an election then this is just one 'campaign'.
"We need a collective response," says Smith.
The impact of AI
We are lacking a global standard of regulation of the internet of things, says Microsoft's Brad Smith.
Jean Yang added: "AI is something we should be cognisant of and careful about when it comes to manipulating people. This is a very powerful tool that people have [developed] for understanding the exact goals and motivations of our citizens."
"This doesn’t have to be magic anymore - this isn't a black box. We should be able to look inside it."
"We should be scared"
21st century warfare will not involve guns or bombs, but rather cyberattacks on a massive scale, says the World Economic Forum’s Global Risks Report 2018.
The World Economic Forum lists cyber attacks as the third most pressing risk issue of our time. Brad Smith said: "I think this is a very pressing problem... we are now seeing very sophisticated criminal attacks, launched form countries that we cannot reach.
"Ultimately the sad truth of life is whenever you have new weapons you should worry that terrorists will ultimately be able to exploit them as well."
Jean Yang believes we should be very scared with the situation in regards to cyber attacks today, due to our reliance on unregulated software. "We should be scared. We should stop software being developed in this kind of Wild West sort of way."
This session was developed in partnership with TIME. Speakers include Jean Yang, Assistant Professor, Carnegie Mellon University; Ashton B. Carter, Director, Belfer Center for Science and International Affairs; Edward Felsenthal, Editor-in-Chief, Time Magazine and Bradford L. Smith, President and Chief Legal Officer, Microsoft Corp.
Central banks are gradually starting to raise interest rates. Is the world ready for the tightening of monetary policy?
For a bit of context: the European Central Bank has left its interest rate unchanged, in its first decision of 2018. But the US Federal Reserve, as well as the Bank of England, have already started unwind their economic stimulus.
Are we entering a phase of currency wars?
Axel Weber of UBS says no. "It's the last thing we want; volatility is not helpful." Quantitative easing in different countries has an effect on currencies, and central banks around the world are getting out of QE at different rates and stages. "It's unchartered territory," he says.
Cecilia Skinglsey of Sweden says we may be getting out of a currency war, now that "interest rate and credit factors may become more domestic".
QE QED
Quantitative easing has been a resounding success, says Benoît Coeuré of the European Central Bank. In the US, EU, Sweden, everywhere. It's the strongest recovery for past 20 years.
Forget the Phillips Curve
Ray Dalio, Bridgewater boss, says: "Any notions of how the Philips Curve is working - forget them. Tech is changing the relationship between inflation and growth. Everyone's focused on growth, but we're still struggling to get a core inflation rate in the US of 2%."
"Central bankers don't always get it right: that's why we have depressions," he continues. "They have to decide which side of the asymmetric risk they want to be on."
What is a Phillips Curve?
It's the inverse relationship between rates of unemployment and corresponding rates of rises in wages that result.
Will there be another downturn?
Dalio says there is a likelihood of a downturn over the next two years. Just before next presidential election. "That won't be a pretty picture," he quips.
"Assume that were to happen," counters Weber. "Have the markets got the ability to use some of the tools at their disposal, or will they fall back into another round of unorthodox monetary policy?"
Benoit on Bitcoin
What bitcoin tells us is our monetary systems are too slow, the ECB chief says, that we need better cross-border developments. "It will force us to upgrade our systems."
President Trump has held meetings this morning in Davos with the President of the Swiss Confederation, Alain Berset, and Rwandan President Paul Kagame.
There have been lots of smaller discussions and sessions going on this week, that might have slipped you by.
A New Narrative of Progress
Impressions
Spaces of Hope
Zero Days VR
Accelerating Sustainable Energy Innovation
Governing Advanced Technologies: Internet of Things
Scroll down for latest updates
The 45th President of the United States of America is the first sitting president to visit Davos since Bill Clinton in 2000.
President Trump has said that he is heading to the Swiss resort to deliver world leaders a message; that a thriving US economy benefits everyone, especially when driven by fair economic competition.
Mr Trump is also keen to forge closer ties with US allies and build global support for US businesses.
Klaus Schwab, Founder and Executive Chairman of the World Economic Forum is welcoming Donald Trump.
The President starts by saying he is here to represent the interests of the American People, and to affirm America’s friendship and partnership in building a better world.
Like all nations represented at this Forum, America hopes for a future in which everyone can prosper, and every child can grow up free from violence, poverty, and fear, he says.
On the US economy
After years of stagnation, the US economy is growing, he says.
"The stock market is smashing one record after another, and has added more than $7 trillion in new wealth since my election."
Consumer confidence, business confidence, and manufacturing confidence are the highest they have been in decades, the President adds.
Since his election, says the US has created 2.4 million jobs, and mall business optimism is at an all-time high. New unemployment claims are near the lowest we’ve seen in almost half a century.
America is open for business, Trump says.
On the corporate tax cuts
We lowered our corporate tax rate from 35 percent, all the way down to 21 percent, Trump says.
As a result, millions of workers have received tax cut bonuses from their employers in amounts as large as three thousand dollars. The tax cut bill is expected to raise the average American’s household income by more than four thousand dollars, he adds.
And the world’s largest company, Apple, announced it will bring $245 Billion in overseas profits home to America. Their total investment into the United States economy will be more than $350 billion over the next five years.
We have undertaken the most extensive regulatory reduction ever conceived, he adds. Regulation is stealth taxation. In the United States, like in many countries, unelected bureaucrats have imposed crushing anti-business and anti-worker regulations on our citizens with no vote, no legislative debate, and no real accountability.
In America, those days are over.
On "America First"
As President of the United States, I will always put America First, Trump says.
Just like the leaders of other countries should put their countries first. But America First does not mean America alone.
When the United States grows, so does the world. American prosperity has created countless jobs around the globe and the drive for excellence, creativity and innovation in the United States has led to important discoveries that help people everywhere live more prosperous and healthier lives.
On global trade
As the United States pursues domestic reforms to unleash jobs and growth, we are also working to reform the international trading system so that it promotes broadly-shared prosperity and rewards those who play by the rules, the President says.
We cannot have free and open trade if some countries exploit the system at the expense of others. We support free trade, but it needs to be fair and reciprocal.
Because in the end, unfair trade undermines us all.
The United States will no longer turn a blind eye to unfair economic practices, including massive intellectual property theft, industrial subsidies, and pervasive state-led economic planning.These and other predatory behaviors are distorting global markets and harming businesses and workers — not just in the United States, but around the globe.
Just like we expect the leaders of other countries to protect their interests, as President of the United States, I will always protect the interests of our country, our companies, and our workers.
On international trade deals
Only by insisting on fair and reciprocal trade can we create a system that works not just for the United States but for all nations.
As I have said, the United States is prepared to negotiate mutually beneficial bilateral trade agreements with all countries. This includes the countries in TPP 11, which are very important. We have agreements with several of them already. We would consider negotiating with the rest, either individually, or perhaps as a group, if it is in all of our interests.
On energy
Trump says the US is lifting self-imposed restrictions on energy production to provide affordable power to our citizens and businesses, and to promote energy security for our friends around the world. No country should be held hostage to a single provider of energy.
On security and terrorism
We are also making historic investments in the American military — because we cannot have prosperity without security, Trump says
To make the world safer from rogue regimes, terrorism, and revisionist powers, we are asking our friends and allies to invest in their own defenses and to meet their financial obligations. Our common security requires everyone to contribute their fair share.
My administration is proud to have led historic efforts, at the United Nations Security Council and around the world, to unite all civilized nations in our campaign of maximum pressure to denuclearize the Korean peninsula. And we continue to call on partners to confront Iran’s support for terrorists and to block Iran’s path to a nuclear weapon.
We are also working with allies and partners to destroy jihadist terrorist organizations such as ISIS.
On immigration
We are also securing our immigration system, as a matter of both national and economic security, says Trump.
America is a cutting-edge economy, but our immigration system is stuck in the past.
We must replace our current system of extended-family chain migration with a merit-based system of admissions that selects new arrivals based on their ability to contribute to our economy, to support themselves financially, and to strengthen our country.
On jobs
In rebuilding America, we are also fully committed to developing our workforce. We are lifting people from dependence to independence – because we know the single best anti-poverty program is a paycheck.
To be successful, it is not enough to invest in our economy – we must invest in our people.
When people are forgotten, the world becomes fractured, says Trump.
Professor Klaus Schwab and President Trump will now have a short Q&A.
The first question is on the tax reforms.
Professor Schwab: Why were the reforms such a high priority for the Trump administration?
The tax reform was a dream of many people over many years, says Trump. The reforms are as important as the cuts, he says.
People will have more money on their paycheck, he says. Trump also says it has had a huge impact on the stock market.
You are seeing a brand new US, Trump says.
Professor Schwab: What experience from the President's past has been the most useful in preparing him for the presidency?
I've always been good at business, Trump says, and there has never really been a businessman in the Oval Office. In the past it's been a general or a politician.
Trump adds that his experience with and exposure to the press has also helped to prepare him for the presidency.
Read the full transcript of President Donald Trump's address to Davos.
Technology continues to transform almost all aspects of life. It is creating new ways to violate human rights and new opportunities to preserve them.
As we approach the 70th anniversary of the Universal Declaration of Human Rights, is it time to refresh our global framework for ensuring human rights?
Participants include: Zeid Ra’ad Hussein, UN High Commissioner for Human Rights; Trevor Paglen, artist and geographer; Wai Wai Nu, Founder and Director, Women Peace Network; and Nicholas Thompson, Chief Editor, Wired. Hosted by Kenneth Roth, Executive Director, Human Rights Watch.
In 2017 the global economy recorded its best performance in six years. What will 2018 bring?
Following Trump's speech, economic leaders meet to discuss the global economy.For the short-term economic outlook, an IMF reports a 3.9% growth for this year and next year.
"We are in a sweet spot and we should celebrate," says Christine Lagarde, Managing Director of the International Monetary Fund. This is the result of good policies, but there are risks, including excessive inequalities and lack of international cooperation.
Mark Carney, Governor of the Bank of England, says more investment relative to savings is leading to monetary normalization. "For central banks, there is a regime shift towards normalization."
He adds: in a pre-crisis world, the coverage of short-term liability for central banks was 10%, now it's 110%, he says.
Haruhiko Kuroda, Governor of the Bank of Japan, says the Japanese economy is growing and unemployment rate is less than 3%; this is full employment. He adds that Japan is in the second biggest boom in the post-World War II era. Japan will pursue a path of monetary easing.
From Asia, Carrie Lam, the Chief Executive of the Hong Kong government, says her country is benefiting from global recovering and will see no less than 2.7% growth.
But all eyes will be on China -- not a small country like Hong Kong -- whose economy is expected to continue to uphold free trade and economic globalization.
Mary Callahan Erdoes, CEO of JPMorgan Chase & Co., says we could have been in a second recession but thanks to global leaders here, $11 trillion was put back into the system. This should be recognized.
On Trump's tax cut, she says it's the "great normalization."
On lagging productivity, Lagarde says we need to facilitate innovation and we need more trade -- fair trade -- and international cooperation.
Moderator Martin Wolf of The Financial Times wraps up the session. He says the financial sector is pretty strong and the bankers have done a good job getting us here after the financial crisis -- it could have been worse, and now there is an opportunity to improve policy, especially distribution of the benefits of growth. But there are still challenges, like trade policy and climate risk.
Donald Trump Tells World Economic Forum: 'America Is Open for Business' (Time)
Davos: Trump launches attack on 'predatory' trade (BBC)
Trump encourages a buy-American brand of globalism at Davos (Washington Post)
Trump just spoke at the World Economic Forum in Davos (CNBC)
Donald Trump at Davos: ‘I will always put America first… this does not mean America alone’ (The Indian Express)
Trump says U.S. supports free trade, but fair, reciprocal one (Xinhua)
'America first does not mean America alone': US President Donald Trump at WEF (Times of India)
Using artificial intelligence, pooled energy systems and blockchain membership, today's deprived areas could become the innovation hubs of tomorrow
A round-up of key quotes from US President Donald Trump's speech at Davos 2018.
When the economist Kate Raworth explains her theory to business leaders, they react in five different ways.
Here's a quick look at what just a few of the participants are saying about this week.
How do you educate children for a future whose main characteristic is ambiguous change? Can AI create personal tutors for all?
Educating girls, pro-women policies, equality in the workplace - in Davos this week, world leaders and campaigners sought new ideas to solve gender equality.
Is NAFTA dead? Who's starting a trade war? How do you say CPTPP in Japanese? These are just some of the questions world leaders and trade experts chewed over at the World Economic Forum meeting in Davos this year.
Jobs are changing, and we need a huge shift in education to keep up, leaders at Davos say.
With over 400 sessions on the official programme, it can be hard keeping up with everything happening at our Annual Meeting in Davos, Switzerland. Here's a recap of some (but by no means all) of the week's big stories.
So that's it for another year.
All that's left is to say is, thank you for following us and we hope you've enjoyed it.
We'll see you again at the World Economic Forum on Latin America in March.
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