Business leaders vow to address challenges in new economy

Global business leaders on Wednesday vowed to address challenges brought by rising new economy after a two-day discussion here over solutions to key issues facing the changing global economy like remaking global trade, managing supply chain threats and artificial intelligence (AI).

In the closing session of the New Economy Forum held here from Tuesday, panelists including the forum's founder Michael Bloomberg, International Monetary Fund Managing Director Christine Lagarde and Singaporean Deputy Prime Minister Tharman Shanmugaratnam discussed the potential biggest issues in the coming 2019 including trade tensions, global economic slowdown and climate change, Xinhua reported.

The panelists called for sustainable solutions to the issues in the areas of globalization and trade, technology, finance and capital markets, climate, urbanization and inclusion, with combined efforts from the government side and private sector so as to bring more confidence to the international community.

They also emphasized the importance of investment in education and training to address challenges triggered by the rise of new economy. Technology and AI will bring a transition period and if "we don't invest now in education ... that transition period is going to be far too long to cope with," said Lagarde.

The participants of the forum also provided solutions like creating global principles for applying AI, developing urban workforce mobility initiatives, greening supply chains and creating global best practices for gender parity to solving the critical issues facing the new economy.

At the meantime, more than 70 organizations have committed to a newly created "SolutionsLab" designed to bring together a diverse group of leaders and experts to action on the key solutions over the next year.

According to the forum organizer, progress and outcomes will be shared at the next New Economy Forum expected to be held in Beijing in November 2019, co-hosted by Bloomberg and the Chinese Center for International Economic Exchanges.

--IANS

pgh/