Maybe it鈥檚 the mountain air. Maybe it鈥檚 because for the first time in three years, the World Economic Forum meeting is back to normal as a physical gathering in Switzerland in January. For whatever reason, the world鈥檚 bankers, CEOs, and policymakers are sounding cautiously optimistic about 2023.
Take the world鈥檚 second-largest economy: China. On Tuesday, Vice Premier Liu He said Chinese life had returned to normal with the lifting of pandemic restrictions. 鈥淲e are confident China鈥檚 growth will most likely return to its normal trend,鈥 he added. If he鈥檚 right, China鈥檚 growth would nearly double from 3% last year, helping to buoy the world economy at a time when the West is slowing.
The head of OPEC: 鈥淲e鈥檙e seeing signs of green鈥 for the global economy, OPEC Secretary-General Haitham Al-Ghais told Bloomberg Television in Davos. The chairman of tech and engineering giant ABB: The worst of the computer chip shortage is over, Peter Voser told CNBC. At聽the International Monetary Fund, First Deputy Managing Director聽Gita Gopinath now expects 鈥渋mprovement鈥 in the latter half of 2023.
Even in Germany, hit hard by the war in Ukraine, Chancellor Olaf Scholz said the nation鈥檚 energy supply is now secure despite Russia鈥檚 cutoff of natural gas. The move is also speeding up Germany鈥檚 transition to green energy, he added.聽
The world economy still has several valleys of risk to navigate in 2023 鈥 such as uncertainties regarding inflation, recession, and interest rates. But at least there鈥檚 some sunlight on the peaks.