At the 2025 World Economic Forum in Davos, global business leaders gathered to discuss pressing challenges and future trends. Among them, Joe Ngai, chairman of McKinsey Greater China, delivered a compelling address on the evolving dynamics of global trade.
Ngai highlighted that escalating geopolitical tensions have injected significant uncertainty into the global economy. \"We are witnessing an era where trade barriers and tariffs are reshaping the landscape,\" he remarked. \"Businesses must be prepared for volatility and adapt to a new normal of uncertainty.\"
He predicted a substantial restructuring of global trade, driven by these increasing barriers. According to Ngai, companies will need to reevaluate their supply chains and investment strategies to navigate the shifting terrain effectively.
Despite these challenges, Ngai expressed optimism about China's economic prospects. He underscored China's robust growth and its expanding influence on the global stage. \"China continues to be a significant engine of global economic growth,\" he stated. \"Its resilience and adaptability in the face of challenges are remarkable.\"
Ngai called on international businesses to recognize the opportunities within China and to engage in strategies that accommodate the changing global environment. \"Collaboration and innovation will be key,\" he concluded. \"Those who can navigate the uncertainties will find immense potential for growth.\"
Reference(s):
McKinsey China: Businesses prepared for volatility and uncertainty
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