Davos 2018: Modi warns of three global threats

World
Europe

Indian Prime Minister Narendra Modi told the World Economic Forum (WEF) in Davos, Switzerland on Tuesday that the three greatest challenges the world faces are climate change, terrorism and protectionism.

When he addressed the opening of the forum, which has the theme of “creating a shared future in a fractured world”, Modi argued technology can unite the world, but the same technology has also fractured it with barriers created to increase poverty and unemployment.

Indian Prime Minister Narendra Modi gestures as he speaks during the Opening Plenary during the World Economic Forum annual meeting in Davos, Switzerland, Jan. 23, 2018. /Reuters Photo

He stressed that networked societies have all the technological tools, such as big data, artificial intelligence and robots to probably address the challenges, but they also need political will and cooperation in order to use the tools for the benefits of mankind.

Climate change

Modi considered climate change to be the greatest threat, as it will result in extreme weather conditions, natural disasters and rising sea levels, threatening the lives and livelihoods of people all around the world.

He mentioned that Davos, which is hosting political and business elites from all around the world for the annual WEF, has been affected by the worst snow in 20 years.

People walk in the snow in Davos, Switzerland, on Jan. 22, 2018. /VCG Photo

He criticized advanced economies for not coming forward to help, “Everyone talks about reducing carbon emissions, but there are very few countries that back their words with their resources to help developing countries to adopt appropriate technology.”

Terrorism

Modi identified terrorism and the radicalization of young people as the second biggest threat, saying, “Terrorism is dangerous. It is worse when people say there is a difference between ‘good’ and ‘bad’ terror. It is painful to see some youngsters getting radicalized.”

Protectionism

Modi said the world is threatened by the rising attacks on globalization, “We must accept that globalization is slowly losing its luster… Forces of protectionism are raising their heads against globalization. They want to reverse its flow.”

“The result of this is that we are seeing new types of tariff and non-tariff-based barriers being imposed. Bilateral and multilateral trade negotiations appear to have come to a halt,” he said.

VCG Photo

“There is a slowdown in cross-border financial investments and the expansion of [the] global supply chain appears to have slowed down,” he added.

"Do the structures and action plans of the organizations, which were created after the Second World War, like the United Nations, match the aspirations and dreams of mankind?" Modi asked rhetorically.

US President Donald Trump has brought his “America First” agenda to Davos, which means getting businesses to invest in the US rather than overseas and thus likely to affect the growth potential of emerging economies reliant on foreign investment, like India.

Modi concluded his speech with three priorities: The world economy should be more inclusive, policymakers should make commitments to a rules-based world order, and major global institutions should be reformed.

Modi is the first Indian prime minister to attend the forum in over two decades.