GEBZE, Turkey, Jan 15 (IPS) – “It was the best of times; it was the worst of times.” Charles Dickens is more important today than ever.
The rich and powerful are meeting again this year at the glamorous, invite-only event in Davos. They arrive on chartered planes and private jets to talk about hot weather, among other global concerns.
The world’s richest, politicians and celebrities are gathering at the World Economic Forum’s annual meeting later this month at a time when global inequality is at an all-time high. The past year has seen a remarkable increase in wealth in the major economic sectors with the valuation of at least eight companies surpassing the billion dollar mark.
On the other hand, those on the sidelines are not in dire need of a living and are preoccupied with where they will get their next meal. Globally, 733 million people face hunger, and 2.33 billion are food insecure. The situation is worse in 44 Least Developed Countries (LDCs).
Based on the data, it gets worse for people living in the poorest and most vulnerable countries. According to Oxfam, the richest 1% own almost half of the world’s wealth, while the poorest own 0.75%. In addition to inequality, political tensions and external threats, including climate change, are increasing. At the same time, the global economic situation remains weak.
The 2025 theme for Davos, ‘Collaboration for the Smart Age,’ is particularly timely for rich countries as they reap rich benefits from rapid technological advances. Equally, the theme has deep significance for people living in LDCs, where new and relevant technologies can forever change their development trajectory.
However, only 36% of its citizens have access to the Internet, and the digital infrastructure is weak. Therefore, if we care about a more equitable world, the first necessary step is to focus on the reality of those who live on less than $1.90 a day.
In terms of solutions, the Davos round should look for concrete and effective ways to help these countries with funds and technical expertise to reduce this shocking gap where poor people are not left behind but left out completely.
The conference agenda outlines five priorities and their rationale – all of which are essential for LDCs to muster will, funding, and cooperation.
Rethinking growth: The World Economic Forum notes that the digital economy has the potential to account for 70% of the new value generated worldwide in the next decade.
These potential and existing economic benefits will remain mostly in the richest countries. Nevertheless, the digital economy offers an outstanding opportunity for the poorest countries to jump on their development gains.
With support through technology transfer, financing, and capacity building in LDCs, their development trajectory can change, creating new jobs and opportunities for their people.
Industries of the intellectual age: This is a constant theme in the world’s largest businesses and economies. However, there is much that big business can do to help grow the global economy where everyone benefits. Sharing best practices and investing in LDCs are prime examples of ways to promote a more equitable technological future.
Business has an important role to play in improving the presence of these countries in global supply chains. They can also support small and medium enterprises by improving their production capacity at the domestic level. However, this has not happened so far, and the time to change focus is now.
Investing in people: Globally, education systems are struggling to adapt to rapidly changing technology, as only 54% of countries have digital skills standards. However, in the world’s poorest countries, 260 million people of primary and secondary school age did not attend school in 2020.
As long as LDCs spend more on servicing their external debt than on education, this alarming imbalance will not change. Using low-cost, high-impact technologies to build human capital in LDCs is essential. The richest countries have a lot to do in this critical area.
Protecting the planet: Large pockets of the world’s poorest people are starving due to climate-related disasters and food shortages. Climate finance action is critical for LDCs, which account for less than 4% of global emissions but have the worst impacts of climate change.
Existing technologies, as well as new and emerging technologies that can help predict climate change and manage disasters, should be transferred to those who need them most. And of course, developed countries must meet their obligations in financing climate action.
Rebuilding trust: There is a lot of talk about global cooperation and multilateralism – at a time of rising global inequality and increasing isolation. Davos would do well to encourage greater inclusiveness and, in so doing, build this much-needed trust and hope.
Those with great wealth and influence also have great responsibility. Unless the World Economic Forum’s annual conference focuses on the more than one billion people living in the world’s poorest countries, it will remain an echo chamber for the privileged.
A global future centered on equity, shared prosperity, and collective resilience is not only possible but important to all of us. Davos 2025 should seize the opportunity to redefine itself as a true forum for global progress.
Deodat Maharaj is the Managing Director of the United Nations Technology Bank for Least Developed Countries (LDCs) and can be reached at: [email protected]
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