Contrary to popular belief, there is no Davos consensus on the health of the world economy. How could there be, when economists themselves are the first to provide the type of on-the-one-hand, on-the-other-hand analysis that, dissatisfying as it may be, entirely befits the complexity of the global economic picture?
True to form, a Jan. 17 panel featuring a trio of economists at the World Economic Forum 2023 annual meeting in Davos, Switzerland, offered observations that ranged from worrisome to inspiring. We listened in and picked out one risk, one opportunity, and one silver lining each panelist provided over the course of their discussion about the economy in 2023.
Nela Richardson, chief economist, ADP
Risk: “What could be persistent [in the US] is slow growth, and that’s really, in my mind, even worse than a recession—because slow growth can last for a really long time.”