At the 2025 World Economic Forum in Davos, Joe Ngai, chairman of McKinsey Greater China, addressed global business leaders, highlighting the escalating geopolitical tensions that have fueled significant uncertainty across the world.
In his keynote speech, Ngai emphasized that the increasing trade barriers and tariffs are reshaping the global trade landscape. \"We are witnessing a restructuring in global trade driven by geopolitical shifts,\" Ngai noted. \"Businesses must prepare for heightened volatility and adapt to new trade patterns.\"
Despite these challenges, Ngai underscored the robust economic growth of the Chinese mainland and its increasing influence on the global stage. He pointed out that China's strong domestic market and continuous innovation are key drivers of its economic resilience. \"China continues to be a powerhouse of economic growth,\" he said. \"Its expanding influence presents both opportunities and challenges that businesses need to navigate carefully.\"
Ngai encouraged businesses to adopt strategies that account for these uncertainties, emphasizing the importance of agility and foresight in the rapidly changing global environment. \"In times of volatility, companies that are prepared to adapt will thrive,\" he advised.
The 2025 Davos forum brought together leaders from around the world to discuss pressing global issues, with a significant focus on the economic dynamics in Asia. Ngai's insights provided valuable perspectives for investors, policymakers, and businesses looking to understand and engage with the evolving Asian markets.
Reference(s):
McKinsey China: Businesses prepared for volatility and uncertainty
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