This year's World Economic Forum attracts more attention as people are expecting the world's most influential political and business leaders will convey some important messages to the pale global economy. The WEF can take this responsibility since its spirit seems to lie in bringing people opportunities to communicate and listen to different opinions. The discussion session of the New Economic Era today pointed out key channels to deliver such a message.
The discussion was started from the perspective of economics. Panel experts talked about the important drive of world economy in the following several years and the possible methods of dealing with the severe financial crisis. Discussions were sparkled on the role and importance of fiscal policies in saving the national economy and as extend the global economy. In spite of the certain recognition of the fiscal policies, Heizo Takenaka, the Japanese economist, laid more emphasis on monetary policies; and some follow-up opinions by audience questioned the effectiveness of fiscal policies in the closed global economy viewed as a whole. The GDP growth rate can be sustained due to the fiscal stimulus but there may not be corresponding balance in the real economy. What's more, the fiscal policies adopted by one country or a few are certainly not helping too much. Yifu Lin urged the coordinated approach to deal with the crisis under which structure the developed countries should take up the responsibility to transfer some funds to the developing countries to help the development of the latter’s economy. This opinion displayed the picture of a multilateral plan which was not successful during the past experiences due to the unwillingness from countries to bear the responsibility. The IMF is not considered to be successful in conducting the multilateral support to world economy in the past. How about G20 which gathered the leaders from the most important nations in the world? People's view began to shift from a pure economic perspective to a political one. As many people might already realize, the message that could be delivered is not a pure economic one but with strong participation from the political world as a reconfirm of the repeated theme of history. However, to search for the path for multilateral cooperation means a greater involvement in the globalization, a trend that becomes more and more important and invertible whether people like it or not.
The WEF 2009 starts today and will continue to discuss a wide range of topics including global climate changes and regional relations. People expect the forum to give the world hope for dealing with the financial crisis. Obviously, the message that WEF can convey at best is to call for the understanding and cooperation between the world political leaders and business elites.
