Borge Brende, president of the World Economic Forum, gave a stark outlook for the global economy saying the world faces a decade of low growth if the right economic measures are not applied.
"The global growth [estimate] this year is around 3.2 [%].
"Trade will change and global value chains — there will be some more near-shoring and friend-shoring — but we shouldn't lose the baby with the bathwater ... Then we have to address the global debt situation.
We haven't seen this kind of debt since the Napoleonic Wars, we are getting close to 100% of the global GDP in debt," he said.
He also motioned persistent inflationary pressures and that generative artificial intelligence could be an opportunity for the developing world.
Persons:
Borge Brende, CNBC's Dan Murphy, shoring
Organizations:
Economic, Energy
Locations:
Saudi Arabia