At the World Economic Forum 2010 in Davos, the main focus was to ensure rethinking, redesigning and rebuilding the fragile global economy and to rebuild prosperity.
On Wednesday 27 January the main agenda was the future of employment. The session aimed at improving the mobility of skilled workers, international standards of education and training, raising high school standards. This was due to the fact that there were 2.6 and 4 million jobs available in US and Europe respectively and is vacant due to shortage of skilled workers.
The next session aimed at rethinking the Systemic Financial Risk. The key points of the session were to lay down regulation of banks and also addressing systemic financial risk for non bank sector, government policy. It also ensures full harmonization and the importance of international coordination. Another key session involved issues of financial low-carbon growth. Estimates show that around $500 billion investment is needed each year from now to 2030 to address climate change. Hence it was decided that financing for low carbon energy economy should come largely from private sector.
There was a session regarding rebuilding economics where the debate of efficient market hypothesis was discussed. This session brought out some outcomes like the economics failing to rival with predictive model of natural sciences, but with a close study of history the society can be served better by economists. This reflected the failure of economists to understand the bubbles and its influence on market fluctuations. The Day 1 of the forum also focused on Asia as the driving force that will lead the global recovery in 2010.
