At the 2025 World Economic Forum in Davos, Joe Ngai, chairman of McKinsey Greater China, addressed global business leaders with a candid assessment of the current economic landscape. He emphasized that escalating geopolitical tensions have significantly increased global uncertainty, affecting economies and markets worldwide.
\"Geopolitical factors are now more influential than ever in shaping the global economic environment,\" Ngai stated. He predicted that trade barriers and tariffs would drive a restructuring of the global trade landscape. \"As businesses adapt to new trade policies and regulations, we will see a fundamental reshaping of supply chains and international collaboration,\" Ngai explained.
Despite the challenges, Ngai expressed optimism about the Chinese mainland's robust economic growth and its increasing influence on the global stage. \"China continues to be a powerhouse of economic development,\" he said. \"Its commitment to innovation and openness positions it well to navigate through volatility and uncertainty.\"
Ngai urged businesses to prepare for ongoing volatility and to be proactive in adjusting their strategies. \"Companies that embrace agility and resilience will be better equipped to thrive in this new era,\" he concluded.
Reference(s):
McKinsey China: Businesses prepared for volatility and uncertainty
cgtn.com
