29 January 2010 marked day 3 of the World economic forum 2010 in Davos. The day started with focus on future prospective that raises questions the trust in financial as well as political establishment and the shift of power from east to west. A BBC survey showed that 75% people believe that recession is not yet over and the global recovery which is led by Asia.
People demand the government to provide as many resources, which were used in bank bailouts, to create employment opportunities. The next session was about redesigning capital markets. This step is taken as the financial crisis exposed the fragility of financial system. The Global redesign initiative was discussed which aims to improve international co-operation. The key points discussed in this session were needs of benchmark progress in terms of GDP, initiative to create urban centers with best governance and administration.
The next session was about the planning required for economic progress. The key points discussed were to effectively calculate the countries’ economic well-being. There is a need to go beyond economic indicators and to focus on the manageable parameters. It was also proposed a need for additional resources to develop and disseminate new indexes.
The next session focused on global industry outlook especially on media, services and financial sector. There is a need to support the prosperity and the sectors like real estate, investments, finance, professional services and media. There is a new economic model proposal for supporting these sectors. There was also a discussion on the industry outlook for heavy industries. This was done due to the fact that Copenhagen summit was disappointing in setting the clear targets and the objectives for 2010 through 2050 are missing. Reinvesting management was also a major discussion point.
