A Bermuda delegation typically attends the global forum scheduled for next week in Davos, Switzerland – the 54th Annual Meeting of the World Economic Forum.

It is estimated that 100 governments, international organisations and the Forum’s 1,000 partner companies will join civil society leaders and various market experts for discussions under the theme “Rebuilding Trust”.

Bermuda government officials attend annually with a delegation normally led by the Premier and/or the finance minister.

The Davos focus is expected to include a look forward to what can be expected for the year ahead, as delegates also contemplate what, if anything, has been accomplished in addressing the issues identified from the same event, last year.

Security concerns certainly remain through the backdrop of increasing geopolitical conflicts, alarming climate concerns, threats of economic shocks and worries about rapidly developing technology.

Artificial intelligence is a leading issue as technology is increasingly a force in all aspects of business and modern-day life and the digital revolution has driven demands for guardrails.

At what point do we stop to assess where we are? Who, or what institutions, will govern our technology future? Should there be limits? Who gets to decide?

There remains a question as to whether markets can expect a recession – if not in the US, is there a potential for a European downturn?

The World Bank has forecast that worldwide economic growth is set to slow for the third straight year in 2024 but there is less likelihood of a recession, observers say, especially within the US.

In fact, there appears to be growing investor confidence that the US economy can avoid a recession in the months ahead.

The global growth rate is expected to decrease this year to 2.4 per cent from an estimated 2.6 per cent last year, according to the World Bank’s latest Global Economic Prospects report. In 2025, it is expected to tick back up to 2.7 per cent.

Their forecast for a 2024 slowdown is due to weak global trade and the effects of elevated interest rates that central banks hiked to cool inflation.

Other discussions at Davos will include the issue of food security and the insurance protection gap, which disturbingly threatens the future for a surprising number of Earth’s inhabitants.

What are the next steps in addressing climate change, reaching a consensus on what it means, and if, and how, we must act on what we decide?

Gayle Markovitz, the lead editor for the World Economic Forum, writes: “Last year at Davos, the word 'polycrisis' was on everybody's lips as leaders deliberated the cascading and connected crises of the moment. Today, even as we turn our attention to new crises, the old ones persist.

“Geopolitical fractures, a pervasive cost-of-living crisis, fragile energy and food security, and of course the intensifying climate emergency remain in sharp focus as this year draws to a close.

“Devastating conflicts, while having remained relatively isolated, continue to rage and financial turbulence is still a concern despite the global economy staving off a recession.

“So, the question for leaders as they prepare for Davos 2024: will the coming year be a period of ‘permacrisis’?

“Or will 2024 be a time for resolution and recovery?”