At the 2025 World Economic Forum in Davos, Joe Ngai, chairman of McKinsey Greater China, delivered a compelling speech addressing the challenges and opportunities facing global businesses amid rising geopolitical tensions. He highlighted how these tensions have fueled significant global uncertainty, impacting trade and economic growth worldwide.
Ngai predicted a restructuring of the global trade landscape, driven by increasing trade barriers and tariffs. \"Businesses must adapt to a new normal where volatility and uncertainty are constants,\" he stated. He emphasized the need for companies to be agile and resilient in navigating this shifting environment.
Despite these challenges, Ngai underscored the robust economic growth of the Chinese mainland and its increasing influence on the global stage. \"The Chinese mainland continues to demonstrate strong economic fundamentals,\" he said. \"Its commitment to innovation and openness positions it as a key player in shaping the future of the global economy.\"
He called upon global leaders and businesses to foster collaboration and open dialogue to mitigate the effects of geopolitical tensions. \"In an interconnected world, cooperation is essential for sustainable growth,\" Ngai concluded. \"We must work together to build bridges, not walls.\"
The insights from Ngai reflect a broader sentiment among business leaders at the forum, who are seeking strategies to navigate an increasingly complex global landscape while harnessing opportunities for growth.
Reference(s):
McKinsey China: Businesses prepared for volatility and uncertainty
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