At the 2025 World Economic Forum in Davos, Joe Ngai, chairman of McKinsey Greater China, addressed global business leaders on the pressing issue of geopolitical tensions and their impact on the global economy.
In his speech, Ngai highlighted how escalating geopolitical frictions have introduced significant uncertainty into international markets. He emphasized that businesses worldwide must prepare for a landscape marked by volatility and unpredictability.
Ngai predicted a fundamental restructuring of global trade driven by new trade barriers and tariffs. \"We are witnessing a shift in the global trade paradigm,\" he noted. \"Companies need to adapt to these changes by reevaluating their strategies and supply chains.\"
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 be a beacon of growth and stability,\" he said. \"Its commitment to innovation and development presents immense opportunities for businesses willing to engage with the region.\"
He encouraged global businesses to remain agile and responsive to the evolving economic environment. \"In times of uncertainty, resilience and adaptability are key,\" Ngai concluded. \"By embracing change and fostering collaboration, we can navigate the complexities of the global economy and drive sustainable growth.\"
Ngai's insights resonated with the diverse audience at Davos, underscoring the critical need for strategic planning and international cooperation in an increasingly interconnected world.
Reference(s):
McKinsey China: Businesses prepared for volatility and uncertainty
cgtn.com
