The World Economic Forum’s (WEF) Global Risks Report 2024 concluded that the world is undergoing multiple long-term structural transformations: the rise of AI, climate change, a shift in the geopolitical distribution of power, and demographic transitions. It is global, pervasive and charged with momentum and emerging risks need proper study and mitigation. False information, rising conflicts and economic uncertainty are among the most widespread risks and we know where it comes from.

WEF, an independent international organisation committed to improving the state of the world with a mission to “engage business, political, academic and other leaders of society to shape global, regional and industry agendas”, at its 54th annual meeting focused on rebuilding trust amid uncertainty centred around the following four pillars: achieving security and cooperation in a fractured world creating growth and jobs for a new era with artificial intelligence (AI) as a driving force for the economy and society a long-term strategy for climate, nature and energy that will contribute to a better world, focused on sustainable inclusive growth.

This year’s theme, “Rebuilding Trust,” acknowledges the need to restore faith amidst multifaceted global challenges. In April 2023, the WEF summit on “Responsible AI Leadership: A Global Summit on Generative AI” emphasised the importance of open innovation and international collaboration as essential enablers. AI technology’s destructive impact on lower-value jobs would exacerbate inequality. Almost 40% of employment globally is exposed to AI, which rises to 60% in advanced economies.

The St. Petersburg International Economic Forum (Spief), meanwhile, is held under the auspices of the Russian Federation president. It brings together leaders of major Russian and foreign companies, representatives of government agencies and the political and scientific community. It is becoming more and more action-oriented and dynamic: decisions are made quickly.

The theme for the 2024 Spief is “The Foundations of a Multipolar World - The Formation of New Areas of Growth”. It includes sessions on expanding Russian development of the Arctic and the expansion of the BRICS group. There are also sessions on “Family Values,” and Russia’s relationship with the West. Discussions include the widening financing gap for achieving the United Nations’ Sustainable Development Goals (SDGs), food security amid geopolitical tensions, knowledge sharing and technology transfer and increase investment in agricultural research and development.

Despite sanctions, the Forum was attended by a record number of participants  – 21,800 people from 139 countries and territories. Guests included members of the royal families of the kingdoms of Bahrain and Saudi Arabia and resulted in the signing of more than 1,000 agreements for a total of RUB6.492 trillion.

Spief also discussed whether global and national development can occur without conflict and violence. The notion of conflict as a catalyst for growth is embedded in the Western perception of progress, which is no longer relevant. It was blacklisted by most Western businesses and politicians since the Ukraine war and the longstanding campaign to promote Russia as a hostile country. It is an artificial construct manufactured by political elites, for defence corporations. They are staffed by people “trained not to learn about your enemy, but despise… and hate them.

As Scott Ritter said, “This to justify the allocation of resources to deter it and a battle of “perception vs reality. Currently, conflicts seem to be the order of the day and fraught with polarising narratives. There is one country, if it does not like another country and against its interest, that other country will be doomed. Was it not Moscow who supported Washington on numerous occasions especially in World War II against Germany? One session in Spief, entitled ″The Empire of Evil’: Has the West successfully demonised Russia?”, asks delegates to consider whether a purported “smear campaign” by the West against Russia has succeeded.

We cannot continue to live in constant conflict and fear. We must focus our energies on cooperation and positive change towards common goals and initiatives. We need a multipolar world order and a new narrative moving beyond the ideological frameworks of the past – a fairer, more balanced, multipolar and multilateral system. 

Pew Research Centre reported in 2023, fewer than two in 1o Americans trust their government to do what is right. US charm offensive is not working anymore. Governments, businesses and civil societies must act through open and constructive dialogues to minimise global risks and build upon long-term opportunities and solutions. War in Ukraine and Gaza has changed the dial in global geopolitical and trade relations.

Peace for Israel can only happen with peace for the Palestinians through a Palestinian state but Benjamin Netanyahu doesn’t agree.

Is this freedom of speech and rule of law? Okay, should we choose WEF or Spief?

The climate is changing, why aren’t we?

What say you… – June 16, 2024.

* Saleh Mohammed reads The Malaysian Insight.

* This is the opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insight. Article may be edited for brevity and clarity.