The World Economic Forum’s annual meeting ended on Friday with a sombre assessment of the global outlook, as leaders warned of mounting geopolitical tensions, protectionism, rising debt, misinformation, declining trust and risks posed by artificial intelligence.
Against this backdrop, India sought to strike a more optimistic note, with political and business leaders urging the world to invest in and engage more deeply with the country, as dozens of heads of state and government gathered in the Swiss Alpine resort.
The five-day meeting was dominated by US President Donald Trump, who drew attention with his combative rhetoric on Greenland but also claimed progress on peace efforts in Gaza and Ukraine, including talks with Ukrainian President Volodymyr Zelenskyy and an outreach to Russian President Vladimir Putin.
Indian states also used the forum to pitch for investments, with several announcing commitments worth crores of rupees, even as questions persisted over how many such pledges ultimately translate into projects.
On condition of anonymity, some business and government leaders actually said these numbers tend to be inflated to grab headlines and justify the huge expenses incurred by large state delegations.
On the positive side, the Indian growth story remained strong with several foreign leaders exuding confidence in India and business prospects there.
Indian leaders associated with the ruling NDA alliance unanimously credited it to Prime Minister Narendra Modi's strong leadership and economic policy, while others said it was the inherent strength of the country and its economy.
'Moment of uncertainty'
The organiser, the World Economic Forum (WEF), said the meeting set against the most complex geopolitical backdrop in decades served as an essential and leading platform for convening decision-makers for consequential dialogue that enabled progress on the most challenging issues facing the world today.
It was attended by close to 3,000 leaders from across regions, sectors and generations from 130 countries, including a record 400 top political leaders, a majority of G7 leaders, close to 830 of the world's top CEOs and chairs, and almost 80 leading unicorns and technology pioneers.
They exchanged insights on peace, security, technology, growth, investing in people and building prosperity within planetary boundaries.
"This is a moment of uncertainty, but also possibility; not a moment to retreat, but a moment to engage," WEF President and CEO Borge Brende said at the closing session. "The World Economic Forum is not about responding to current events. It is about creating the right conditions that enable us to move forward," he said.
"We believe economic progress should be shared. We believe prosperity should reach further than it has, and we believe institutions like the World Economic Forum still matter in making that happen," WEF's Interim Co-Chair and BlackRock CEO Larry Fink said.
"This year, Davos has reached a new level. Not only was it the intended platform for dialogue, but it also marked turning points and drove decisions," WEF's Interim Co-Chair and Roche Holding Vice Chairman Andre Hoffmann said.
The fundamental importance of trust in preserving and deepening cooperation was a consistent theme throughout the week's conversations.
Leaders warned of the dangers of declining trust, both in institutions and in global politics, saying it erodes the ability to respond to shared challenges, from inequality and conflict to the climate crisis.
Participants highlighted that, despite some challenging headwinds, fresh bright spots of regional cooperation continue to emerge.
Trade deals with India were referred to by several leaders, including the EU and Germany.
On the US-India trade deal, Trump said Modi is his friend, and they will have a "good deal."
WEF Managing Director Mirek Dusek said geoeconomics is the new geopolitics, and in this new era, we need much more dialogue, imagination and entrepreneurship to regain forward momentum.
"We are knocking on the door of these incredible capabilities. I think in the next few years we are going to be dealing with how we keep these systems under control, that are highly autonomous and smarter than any human," Anthropic CEO Dario Amodei said.
Tech leaders said AI agents are soon going to outnumber human beings, but asserted that humans and human intelligence will remain important.
The Forum's latest Chief Economists' Outlook expected global economic conditions to weaken this year but saw India anchoring South Asia as the brightest growth spot despite mounting trade headwinds.
On AI, IMF chief Kristalina Georgieva said, "It is a tsunami hitting the labour market and, even in the best prepared countries, I don't think we are prepared enough."
The WEF said it will also host a series of regional events to foster dialogue, trust and multi-stakeholder collaboration.
Over the next 18 months, the Forum will host new events with the governments of Turkiye, Egypt and Panama, among others.
The Global Collaboration and Growth Meeting will be held in Jeddah, Saudi Arabia, in April this year, and it also announced a high-level event in spring 2027 in collaboration with the Government of South Africa.
(With inputs from PTI and AP)