Stemming the Cost of Living Crisis | Davos 2023 | World Economic Forum

with inflation surging at historical levels and real wages being in the Free Fall throughout most of 2022 of course intensifying human capital of the Lacoste living crisis risks to deepen economic scarring from the pandemic at the beginning of 2023 now here in Davos policy makers and Business Leaders face an array of challenging decisions to try and shield the most vulnerable in the short term to address some of the systemic drivers of worsening living standards and deepening inequality Beyond 2023 so I am delighted to have on the panel today Christian Lindner he's Federal Minister of Finance for Germany Gita gapanas international monetary fund Alan Jobe Chief Executive Officer of Unilever Anwar Tyson distinguished professor of The Graduate School of Berkeley so thank you all for joining us this is not an easy topic but it's one maybe that we need to spend a bit of time just to try and understand the underlying causes of inflation the cost of living crisis Gita can you give us an overview what you think first of all have we seen the worse in terms of inflation and the pressure this is putting and also these underlying causes yes thank you and it's a real pleasure to join this panel as you said it's a tough topic to talk about but I think it's actually a little more easier to do so now than if we were having this conversation about six months back six months back things were really tough inflation was at very high levels especially headline inflation which includes the cost of energy and the cost of food across the globe we saw a global rise in inflation in the second half of last year and these two factors were were a big part of why we had this now we've seen energy costs come down quite significantly we've seen food prices come down but still remain elevated relative to before the pandemic so actually I would make a distinction between what we're seeing in terms of energy markets versus in terms of food I think in terms of food we still have food security problems there's a major concern but we have inflation coming down and so the cost of living has gone down over time now what is tricky of course is that wages haven't kept up with the cost of living so there's been a lot of erosion in uh real wages and you see the consequences of that this year you can see unrest in different countries in the world and social unrest it's something we need to worry about would you like me to go into the factors behind this factors please yeah okay so in terms of the drivers for the big Spurgeon inflation last year I think I would start off by saying that we had a serious imbalance between demand and Supply in several sectors so for one even before Russia's invasion of Ukraine we had Energy prices uh going up we had oil prices going up uh quite sharply because we had a pretty strong recovery from the pandemic as a consequence of substantial stimulus that was provided both in terms of monetary policy and fiscal policy to the world as a whole so that generated a big shop increase in demand without the supply coming through very quickly it was also a period when people were spending a lot on Goods as opposed to Services because the pandemic was not over and so people were still hesitant to go to restaurants they were buying a lot of goods and so we saw a global component of goods inflation Rising uh everywhere and of course following Russia's invasion of Ukraine we had a double knock on Energy prices it was different it was really bad in parts of the world like Europe where you had gas prices go up uh you know three to four times so these were several of the factors that drove the inflation and of course what's bringing it down now is the slowing global economy which is coming from tight monetary policies in several parts of the world but also we've been lucky with the milder weather we also had 2022 as a year when China's demand for several of these Commodities were actually low because they were still living under zero covered policy several of those things can change this year but let me stop there okay Minister do you assume thank you do you assume that actually inflation will remain a high for a pretty long time it's coming down but it still remains high from historic levels well we are witnessing higher levels of inflation this year and the outlook for the next year and for 25 remains on a higher level than we used to see in the past but there is already a decline the outlooks economic outlook for Germany for example will be updated at the moment we expect seven percent um I don't want to spoil but I expect a decline of the inflation rate if you allow I would like to to underline one political aspect we have heard the economic assessment which I fully share but we have to tell people and we have to tell low-income countries that one of the most important reasons for the higher inflation rates is Russia's unprovoked law of aggression against Ukraine there are some narratives which focuses the the sanctions we made decisions on but the the key reason for higher inflation rates for example in the European Union is Russia's War when it comes to Germany if I may add we have this very strong dependency especially on Russian energy Imports in our domestic Market we were ridiculously dependent on Russia and now we are making efforts to overcome this situation and I'm happy to tell you um we built already two LNG terminals within some months and if you compare the old German speed had been 20 years for one airport and now we are able to build LNG terminals in months and so this very special situation um poses an opportunity for Germany to improve our overall competitiveness by supply side measures all right how difficult thank you Minister how difficult is it to break down actually the causes of inflation so how much of it is a war how much of it is structural issues that have been here for quite some time so I think the economists continue to debate this and maybe Gita has the most recent uh research uh there there is among economists the general view well how much of this was due to the fact that we uh really pumped up demand to get quickly out of covid and how much of that uh was the fact that Supply came back much more slowly than anticipated so essentially the the problem is it's demand Supply if you thought you were pumping up the demand and you thought the supply would come back kind of normally then you had all of the supply chain disruptions and you had Logistics disruptions and you had uh shipping disruptions and so I I don't think from my point of view that is the most important question anymore the the question now is what do we do going forward what do we do going forward we are where we are I want to start with Laura if you don't understand where it comes from it's very difficult it's demand and Supply so basically you know what's happening in the world is we've got the central banks pulling back on demand we've got the developed economies and the developing economies pulling back on the fiscal stimulus to the extent that they had one pulling the bat so we're working on the demand side and we actually are also working on the supply side if I think about the Biden Administration for example it's done a lot on uh opening up the ports it's actually worked hard to get the logistics system back under uh efficient rapid recovery it's done a lot in terms of uh strategic use of the Strategic petroleum Reserve actually putting oil in and now actually buying oil to put back into the system now that the price of energy has changed so I think all I would say is rather than debate how much was Demand versus how much is the supply let's say that both factors are there and that actually you have policy makers acting on both sets of factors you you actually do and I think that important and I just want to point out one positive issue here that hasn't been mentioned so far and that is inflationary expectations because part of the concern of the central bankers and the fiscal authorities the macro authorities and this would include the IMF obviously was once you let the inflation Genie out of the bottle you would end up with self-reinforcing mechanisms because as people expected structurally higher inflation they would create structurally higher inflation and if you look at the medium to long-term measures of inflationary expectations they suggest that people still expect maybe not that the inflation rate will go quickly down to in the U.S the two percent Target but it might go reasonably quickly down to around three percent which actually may end up being a place we can be for quite some time in a healthy fashion Alan what are you looking at unilevers Unilever one of the biggest food companies in the world you're dealing with inflation day in and out and you also have to make a decision whether you pass that on to Consumers yeah um I think there's three enormous threats to our business which is the climate emergency the loss and destruction of Nature and Rising inequality and it's the inequality uh challenge that inflation is really amplifying uh enormously I think 75 percent of the world's population live in a country where the genie coefficient over the last five years has got worse the gap between rich and that's triggering yes a cost of living challenge but also social unrest and anger um I uh humbly suggest actually the central banks and inter uh governmental bodies were very slow calling inflation we could see it coming um for quite some time before it started to get called out and maybe it just put some numbers against it so Unilever revenues in 2021 were 52 billion euros on that we have a cost of goods sold of 24 billion euros and last year we we suffered four and a half billion euros of cost inflation on a base of 24. so it's a very very material unprecedented number the last thing we want to do the last thing we want to do is take prices up it affects competitiveness it disturbs volume in the market so our first reflex is to go to a productivity savings change the mix in our business but ultimately we did land price last year and the consumer did not react as we had anticipated there was a far lower volume elasticity than we expected and I think that was because of pent-up household savings that buffered the consumer there was much less down trading than we expected to see premium segments in most categories remain quite robust in food and Healthcare and personal care and the world is not flat we saw more of an effect in Europe much less of an effect in particularly southeast Asia South Asia Africa Latin America places that are used to economic volatility stood up very well and our best read right now is that there's another two and a half billion euros of cost coming through in this calendar year so I think the panelists are suggesting we may be past Peak inflation I think that's right we are certainly nowhere close to Peak prices so the consumer is going to see the cost of food personal care products of everyday Commodities is going to continue to rise and I think the the most households particularly in Europe are going to feel the squeeze three that we've reached Peak inflation and how long are you expecting the German government to continue to subsidize your citizens well I I hope so um we presented a protective shield for our private households and small and medium Enterprises we have a amount of up to 200 billion euros for 23 and 24 to pay subsidies in a form of electricity price and gas price break but now we already have to think about an exit we cannot allow ourselves to continue to spend these amounts even Germany has its budgetary limits and it's crucial to return to sustainable able to sound public finances on the one hand we mustn't further fuel inflation and on the other hand we have to to let the central banks to do their work they have a high responsibility for fighting inflation and I really welcome the change in monetary policy which we have seen last year it's a journey which has just started I think and we mustn't further fuel inflation and if I may we have to to work on the courses for inflation and domestically it is the high energy price level on on the European level I think it's a lack of competitiveness as well yeah and we'll talk a little bit about electricity prices but if you look at the milder winter we've had if you look at the price of gas that's gone down do you think you won't spend those 200 billion from my point of view today we won't need 200 billion euros because it's getting easier the price levels um lower than we expected we have less hardship cases and so my expectation is we won't need the a whole protective shield of 200 billion euros which is good news because German state is paying more for servicing all debt yeah Ellen you were nodding no I am I think there's one big unknown that uh none of us would have predicted that China would be where they are right now and that they would have uh come out of covert so extraordinarily quickly there's two trillion of excess household Savings in uh in China right now and we fully expect we're gearing up for Revenge spending by Chinese households who have been locked down for three years and that's going to show up in travel and domestic consumption and I think that could be the disrupter that slows down the ending of inflation there's a very big variable in supply and demand construct so I think that's one to watch carefully is there a danger that we you know are talking at Cross purposes because inflation can come down but for the people that have lost the most during the pandemic the cost of living is very real and is not going anywhere so indeed you know even if inflation comes down prices are high because we don't have deflation we just have uh lower levels of inflation so the prices have gone up you know how much of it hit that's had on households uh and on consumption varies across countries so you know in the US for instance there were there was a lot of generous support provided to households during the pandemic that meant that the savings of households have grown quite a bit and in fact there is still a fair bit of that excess savings left which is one possible upside to spending and inflation that could happen I think in the developing parts of the world is where you really see the the stress which is uh you know the cost of living has indented their incomes and that's been a big problem so in terms of you know the point you raised about housing inflation peaked we do believe that in terms of headline inflation for the global economy we think it peaked in 22. and it's likely to keep coming down but if you look at the more stickier components of inflation which is Services sector inflation for instance I think there's more stubbornness in there and that's going to be a challenge for Central Bankers so Gita what do you see as a prolonged I guess cost you know the risks of a prolonged cost of living crisis for the most vulnerable groups even if inflation comes down I think it's real riskier like I said at the beginning I'm actually particularly worried about food security because we know that uh you know food prices have come down but they're still raw food prices have come down but it's still about 30 above 2019 levels uh and we know that the pass-through from raw food prices to retail prices takes a while so we haven't seen the effect yet and we're likely to see retail price inflation and food you know going up in especially in an emerging and developing World Laura how do you see this panning out so if we have this cost of living crisis that is prolonged that you know what are the right policy mixes to address it and what is the ultimate Legacy of this well I almost want to say that without calling into cost of living and crisis let's call it what existed before and it's going to continue to exist and that's a living wage crisis for many many people uh that is a living wage crisis in the United States maybe for the bottom 20 percent of the population it just has been and if you look at in the U.S where the major components of cost of living are food we've talked about uh gasoline Transportation we've talked about but housing is the largest single one and that was a cost of living crisis in the United States before and it's going to be a cost of living crisis going forward so I want to make that distinction here when we're the the the cost the inflation of these key areas of importance to cost of living has exacerbated what was a living wage or a poverty problem uh throughout the world and as Gita said what we've seen is we've actually seen instead of a reduction in people living in poverty we've seen an increase in the level of people living in poverty we've seen a worsening of the genie coefficient uh but it's it's so it's exacerbated a problem which existed before and which we have not solved Minister you live this day and out I mean housing in Germany is a concern it's becoming less affordable especially for young families what are some of the things that you have introduced or can introduce to make it easier well um to reduce housing costs we need to build and this means we need a Public Funding and subsidies especially for poor families and vulnerable households on the one hand and on the other hand we need more effective less bureaucratic permitting procedures in Germany this is a problem of Germany we have private sector Capital we have know-how and we have interested companies and investors but it takes it took too long time we are working on it and um may I ask um or may I add one aspect um the special situation in in Germany is that we are at the moment we are losing Collective welfare due to the higher prices for energy Imports see German business model for too long time based on very cheap energy Imports and this is why we could have fought a higher level of Taxation for example and now we have to reinvent our business model and my expectation is a higher competitiveness for the German private sector will lead to the ability to pay higher wages to reduce the burden for the private households by paying better loans and wages there has also been suggested for that real estate company bhima right should take out loans and build State housing is it something that you rule out I mean something I won't I won't allow this bhima is um the um States driven public sector company it builds the buildings for Ministries and um military areas it's not for for families and people that's clear Laura what um Alan you had something to add well I just wanted to pick up on what Laura was saying about this idea of a living wage the reason why I framed my opening remarks in the context of rising inequality is that this is a long-term Trend it's not a short-term cost of living crisis it's a long-term inequality crisis and there's a concept of a fair living wage which is paying people enough to feed house clothe and educate themselves in some cases transport as well and it you know even four years ago we said well of course well-run company we um we must pay all of our people a fair living wage so we start to well what is a fair living wage and there's multiple standards so we picked a standard and we loot herself and the Merit turned out there were pockets of the world where we were not paying a fair living wage we got busy with that we've now rectified that everyone who works for Unilever makes a fair living wage we've now said everyone who provides products and services to Unilever will pay their their employees if you're a living wage by 2030 and that and we've got 93 of our suppliers have signed up right away to pair there and so that amplifies us from an impact of hundreds of thousands of people to millions of people and this is not charity people who are paid properly are less likely you get lower attrition you get higher productivity you get better motivation it is a strong financial incentive to pay people property properly and so I would ask all the Business Leaders in the room and The Regulators in the room to consider if fair living wage is an opportunity for your business because we shouldn't be running our economies and running our businesses on slave wages poverty wages so I think there's a call to action here to pay people properly Ellen last 12 months have you increased wages to match inflation so eight ten percent increases it's very different in different parts of the world so our our Global wage bill will be just slightly lower than inflation for 2022 same in 2023 but enormous differences in different countries around the world Minister um I completely understand and share your concern um when it comes to inequality and we have to support the most vulnerables in our societies but well I would like to focus on our middle classes and people who were able to afford who were able to afford a standard of living who were able to afford their own properties and for them this situation is changing they now can't afford the cost of living and they can't reach their own properties and so in the German probably European perspective we are doing a lot for the most vulnerable paying welfare subsidies but we have to ask what can we do to stabilize the qualified people who are working hard playing by the rules and now are witnessing that they can't afford their lifestyle the way of living they have learned from their parents for example and this leads to well a Renaissance of of competitiveness so that our companies are able to pay Fair wages and lead to a new Financial surrounding so that those people can afford loans and mortgages for their properties so Laura what I mean given what the Minister on Allen and Gita just said what's the right policy mix to deal with this well I indicated that I thought at the beginning this is not these are not traditional macro demand and monetary policy so you have to go into the from a federal point of view or a state I do a lot of work for the state of California which is a big economy um at that you look at the composition of the budget in terms of what you're spending money on and you look at composition of the revenue stream and in terms of what you are taxing what you can bring in to support the spending on the budget side because we're not talking about major deficit reduction or deficit enhancing spending so in this case I would say uh if you if you think about what the federal government of the United States has done we've said long term how can we get at more affordable cost of living more affordable cost of living one is to work on improving Logistics infrastructure I mentioned ports a part part of the problem here certainly through covet and the supply chain and the slow recovery on the supply side was Logistics issues and so the bipartisan infrastructure bill has a lot in that area another area of course obviously is climate and trying to deal with the reality that over time we're going to have to do energy transition away from carbon-based fuels to other kinds of fuels and if we can give tax incentives and there are many many tax incentives in our Ira Bill to basically reduce the cost to a consumer of buying an electric car or of using all kinds of if we think about the goal here for climate of electrifying everything we've put tax credits in for everything to Electrify to try to get people cheaper access to the electrification faster so those are a couple of examples where it's working on the supply side where you think policy can actually encourage more Supply you know on climate just let me mention and I know this is true around the world there's a lot of interesting stuff going on in the private sector with improving agricultural techniques whether it's how you seed how you irrigate how you harvest to improve the efficiency of that and over time to reduce the cost of food through improving the Technologies so there's a lot of that I think is in the area of enhancing technological development to deal with sectors I wanna say that CL that housing is the most complicated and it's the most complicated because there are resistance to the use of land for this purpose so you talked Minister about the difficulty of getting zoning you know California we have a huge housing crisis it has been recognized by the federal level for years most of those zoning laws are made at the local level and most localities do not want to build additional housing they don't want the drain on the education system on the Health Care system on the transportation system on the park system on nothing and therefore this is going to be to some extent one of the hardest nuts to crack policy makers are having a really hard time with this getting people behind them so just make a couple of points so firstly since there's been a focus on the more secular features of the cost of living I think we should agree that if we can bring inflation down from 10 to 2 we would be much happier I think we lived with two percent inflation in many parts of the world for a very long time if we can bring inflation durably down to that level I think that legally success and macro policies well I agree with you the supply side measures plain important role but macro policies are going to be critical to that so I think it's very important for inflation aggregate demand relative to supply depends upon monetary policy stance and fiscal policy stance and therefore it's very important to stay the course bring inflation down uh durably the second thing and I think you know Allen's point was uh you know we saw inflation coming sooner if you looked at food and if you looked at those sectoral products especially food uh relative to say Central Bankers did and I think this is the lesson to be learned from these last couple of years which is the Central Bank thinking monetary policy thinking was that you kind of could ignore sectoral price movements if you see a big movement into sexual crisis you could uh see through that because those things tend to be very volatile monetary policy works with lags so you don't want to rush in and raise interest rates because you saw food prices go up by 20 I think what we've learned in the last two years is that when you are in a world where you have demand coming back strongly and you have sectoral Supply shocks hitting it several margins in that case you really can't see through sectoral Supply shock so I think that's the lesson we've learned and it's something we have to keep in mind because we are not out of the woods when it comes to supply shocks we still have a climate transition that has to happen we have to make sure we have secure energy we still have China that's coming back and I agree with you yeah one of the risks to uh inflation going up is how strong the rebound will be in China I mean right now there's a bit of a disconnect between the markets and what central banks have been communicating with the markets expect that we're heading towards the two percent Target really quickly in the US and the FED will be there to rate to cut interest rates very soon again you have to keep in mind that there are all these uncertainties around the world including what will happen to Energy prices uh as other Recon as the Chinese economy comes uh comes up so we have to stay stay the course the second thing I would make in terms of the the more structural side of inflation is it is important for countries to diversify the sources of uh where they buy goods from heavy Reliance on only one country we know Germany has that experience can create a lot of trouble and so diversification is very important but the answer is certainly not to bring all your production home which is a risk that we see and it is a significant risk to the global economy the reason reason we had three decades of being able to keep inflation down was because we were we had trade with many countries in the world that put cost pressures down for households and for firms uh but I see the tendency now in response to the pandemic and the war to go maybe the Other Extreme and to say the only solution is for us to do everything in-house and that is the perfect recipe for us to live with high inflationary presence for a long time agita on the monetary policy points is there a danger that so we go from inflation eight percent to four percent five percent and actually central banks will have to put a lot of economies in a recession we'll see job losses and so the cost of living crisis will get worse to get to that two percent Target you know we haven't seen the softening in the job market that we typically see going around with the big increase in interest rates so when we say that 2023 is going to be a tough year and tougher of several economies compared to last year it is because the labor market is where we are likely to see uh unemployment rates go up we're at record low unemployment rates in the U.S and in the Euro area record lows right everything we know about how monetary policy works when you've tightened interest rates so much is for the unemployment rate to go up that's how you bring down inflation durably question is how much will it take but at this point there's really only one way for it to go Minister what are you going to do for that middle class that you say is being squeezed so much I mean do we need to reform the electricity Market yes we have to we form the electricity Market we have to use reduce the burdens for example in the um taxation we have to to improve the framework conditions for our smes in Germany and all this supply side measures and this is crucial I remind us of Joe Biden here in Davos 2000 I think 17. when he delivered a speech um concerning um the the American middle class and he wants that if we forget them they would forget us the e-lights and they are they were probably looking for other representatives and afterwards we we saw what happened in the US if I may um there's one very interesting aspect you mentioned the serious risk of fragmentation of the global economy um we see protectionism I have my concerns with the inflation reduction and we need to to have seen the the right consequences in this situation of of supply chain bottlenecks inflation um there are some some criticisms about globalization and I think at the moment we have a period of opportunity a window of opportunity Russia's war against Ukraine brought us as value Partners together and um we were able on the G7 Level under the German presidency last year to found climate Club I think this is an impressive example of policy making power and so why stopping there we should continue these efforts instead of having well kind of a trade controversy between the US and the European Union we should consider whether there is an opportunity for French Shoring as my U.S colleague Janet Yellen um suggested so um we should have a different level of ambition uh why not starting to negotiate a global traits agreement of the liberal democracies administrator could also and I know a number of European leaders have voiced concerns about this inflation reduction act could Europe not view its own Ira no we mustn't a competition who is able to pay more subsidies um would um um be a threat to sustainable public finances in Europe and frankly our next generation eufant is about 800 billion euros in comparison to the iri I think we are doing a lot so it's not trade War it's trade diplomacy we need Laura and actually the same question to all of you are you optimistic that the cost of living crisis will get better or does it have to or will it get worse before then it eases off a bit well I think the question is similar to will the inflation rate have we seen a peak inflation rate and I think we have I think we're going to I think traditional monetary policy and fiscal policy is going to continue to battle to bring it down I think it is true and unfortunate that the the only way that monetary policy and fiscal policy does that is to create slack in the labor market that's what it does uh what what one hopes is that the unemployment rate doesn't go up too much that that relationship between the ability of monetary policy to bring the inflation rate down and how much you have to rely on that unemployment rate going up that that relationship is different now and that's I know what Jerome Powell and the FED is hoping um but I think that uh we are go we are on a course to bring the inflation rate down uh and and I I just want to say because I don't want this to be a a debate about between the US and Europe but what I what I really think we need is exactly cooperate much of the IRA is about climate and what we need to do is we need to work together to basically use subsidies and tax policy to accelerate the speed to accelerate and scale uh all of the technology requirements to address climate change that's what we need to do and we have to mitigate the negative side effects on Partners I would suggest no no no I'm saying I'm saying if we think about that as a general goal we should be able to structure the policy so as to mitigate those effects but you know you're a political you are appointed by politics it is very hard to do this you're spending national resources your country's resources and the politics of the Congress LED very much in particular a couple Senators LED very much to the writing of that piece of legislation I'm not particularly optimistic um because the cost of living crisis disproportionately impacts those at the bottom of the pyramid um there is so much talk about tightening rates and about uh stimulus spending I think the only way to break the long-term trend of rising inequality is productivity and ministers right you know ultimate productivity no one's talking about productivity as a sustainable way out of the inflation environment that we're in right now I think the private sector has got quite a lot to offer on how you tackle productivity but I just think it's going to take time and the the people who are suffering the most will continue to suffer for quite a long time and this fragmentation of Global Supply chains and near Shoring onshoring for ensuring whatever you call it is frankly another inflationary pressure in the world economy so [Music] um if our projections are right we do have inflation coming down globally this year and next of course we've been surprised many times and I think you know last year at this time nobody expected the Russia's invasion of Ukraine so that happens so things can go terribly wrong but the Baseline is for inflation to come down and come down across the globe I think that will help with cost of living I think the perennial problems of inequality and those at the bottom and the issues and housing will remain I think there's a harder not to crack and those that will take some more time but I think we should be you know feel good about the fact if inflation comes comes back down to the to the more reasonable levels on fragmentation I'm going to put my Global hat on and say we really want all countries to be able to work together to come up with Solutions and maybe putting my completely pragmatic hat on I would say at least at the minimum when it comes to things like food exports explosive fertilizers uh Basic Essentials for the world that we have multilateral Solutions and not friend Solutions or any ensuring or outshuring any of those combinations of that thank you Minister does it get worse or easier the cost of living crisis from here the German media report that there's a lot of pessimism here in Davos um I think we should change the perspective from doubts and concerns to Opportunities and challenges we are not objects of Our Fate we are not passengers of the flight we are pilots and so let's work on policy solutions for the challenges we have to cope with and you see the willingness of government leaders and politicians to come together and find a common solution well within the European Union among the member states there is the villainous to do and we are making efforts for example to deepening our single market and to make progress on Capital markets Union so there's a reason for optimism okay well thank you all for um a very interesting panel Christian Lindner Alan job Gita gopinath and Laura Tyson thank you thank you thank you [Applause]

Channel: World Economic Forum

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Keywords: sustainable global goals, climate change, sustainability, davos agenda, World Economic Forum, Davos, politics, finance, economy, news, leadership, democracy, education, 4IR, technology, tech, AI, automation, work, future, world news, economist, world, forum, economic, world news today, worldeconomicforum, recommended for you, globalization, robotics, bloomberg, documentary, klaus schwab

Id: ELYluxxoTr4

Length: 44min 3sec (2643 seconds)

Published: Tue Jan 24 2023