The Davos agenda shifts to dealing with Trump’s inauguration

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Activism, deregulation and threats to global trade are expected to dominate the conversation among executives gathered in Davos this week, as Donald Trump’s return to the White House takes business leaders’ attention away from public affairs. towards growth.

Most of the top executives due to travel to the Swiss Alps for the annual gathering of global decision makers at the World Economic Forum will begin attending events in Washington to mark Trump’s inauguration on Monday.

The incoming US president, who is set to deliver a speech at the Davos conference later this week via video link, has promised to sign a number of directives upon taking office, including measures to increase US energy production and reduce red tape.

“It’s all about growth,” said Simon Freakley, managing director of consultancy AlixPartners. “Every investor prays at the altar of growth, every CEO works at the altar of growth and thinks about how to drive growth in this environment.”

The prospect of a Trump administration has boosted business confidence in the US, where the economy is already outperforming most of the world and its stock markets are close to rising. A survey of 900 experts from academia, business and government conducted by the WEF ahead of this week’s event showed a significant drop in perceived risks of recession or inflation compared to the period this last year.

However, the potential impact of Trump’s promised trade tariffs has become a major cause for concern. The survey showed that the “global economic crisis” was now considered one of the biggest risks in the next two years.

“I expect the WEF to be dominated by political uncertainty,” said Christian Klein, chief executive of German software company SAP. “As we look to the challenges and opportunities of 2025, adapting to the new regulatory framework will also be a priority.”

Jim Rowan, chief executive of Volvo Cars, which is majority owned by Chinese carmaker Geely, said the world had become “more confusing and more complex”. He pointed to the disruption caused by trade disputes, as well as the need for decarbonisation and realizing the promise of AI.

Huw van Steenis, vice-chairman at management consultancy Oliver Wyman, said that Davos attendees were “rarely divided in their investment views”.

“Among US financiers, there is a shared story of animal spirits and hard work,” he said. “Whether the new Trump administration will increase American isolationism and isolation from Europe and China is on everyone’s mind.”

As the world prepares for Trump’s second term, regulars at Davos expect to see a change in tone, despite an official agenda that includes agendas ranging from clean technology to water use. to LGBTQI+ rights. Trump’s inauguration will clash with the opening event of Davos on Monday: a concert to highlight the threat facing Antarctica’s ice.

Christoph Schweizer, global managing director of the Boston Consulting Group, said: “We look forward to renewing the Davos program this year because, finally, CEOs want to do things.” He said the priorities will be manufacturing, generating revenue from AI, and preparing for more M&A activity.

For decades, the Davos conflab has been a centerpiece of the business calendar and an opportunity to set the tone for the year ahead.

The list of nearly 3,000 attendees this week includes Uber CEO Dara Khosrowshahi, Bank of America’s Brian Moynihan, Pfizer’s Albert Bourla, Salesforce’s Marc Benioff and Coca-Cola’s James Quincey. Among the world leaders who will take the stage will be the president of the European Commission Ursula von der Leyen, German Chancellor Olaf Scholz and Javier Milei of Argentina, who is due to arrive after attending the inauguration of Trump.

But the show has faced many questions about its purpose, with critics complaining that it fails to reflect real-world conversations.

A Davos regular said he did not attend this year because “it was too expensive given the quality of the presentation” and “weak and inappropriate”. The Silicon Valley executive who has attended regularly in the past said this year’s conference was “completely overshadowed” by the inauguration, adding: “What Trump says is more important than anything else there. “