Wednesday 17 October 2018

The high life in Davos gives a wealth of experience

Economic optimism was reaching a peak last week up a mountain in Switzerland, writes Donal O'Donovan

Swiss police officers observe the surrounding area from atop the roof of the Davos Congress Hotel during the World Economic Forum (WEF) annual meeting in Davos, Switzerland. Photo: Reuters
Swiss police officers observe the surrounding area from atop the roof of the Davos Congress Hotel during the World Economic Forum (WEF) annual meeting in Davos, Switzerland. Photo: Reuters
Donal O'Donovan

Donal O'Donovan

It's a circus, albeit a very posh one. The membership fee of around €500,000 a year means there are few casual visitors to the World Economic Forum at Davos, and an unhealthy preponderance of people for whom the world is by definition doing just fine as it is.

"Let's celebrate what could go right for the moment because we are in a sweet spot," the International Monetary Fund (IMF) managing director Christine Lagarde said in her final contribution on Friday.

In overall terms, the world economy is motoring along in a way it hasn't for some time, but when you hear the IMF talking like that it's hard not to fret about complacency.

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