At the 2025 World Economic Forum in Davos, Joe Ngai, Chairman of McKinsey Greater China, addressed a gathering of global business leaders and economists. Ngai emphasized the significant global uncertainty fueled by escalating geopolitical tensions. He noted that trade barriers and tariffs are reshaping the global trade landscape, leading to a period of volatility that businesses must navigate carefully.
Ngai predicted that these challenges would drive a restructuring of international trade dynamics. \"We are witnessing a fundamental shift in how countries engage in trade,\" he stated. \"The rise of protectionism and geopolitical frictions are compelling businesses to reassess their strategies and supply chains.\"
Despite these obstacles, Ngai highlighted China's robust economic growth and its increasing influence on the global stage. \"China's economy continues to demonstrate resilience,\" he remarked. \"Its commitment to innovation and openness positions it as a key player in driving global economic recovery.\"
Ngai urged businesses to prepare for uncertainty by adopting flexible strategies and fostering collaboration. \"In this era of volatility, agility is crucial,\" he advised. \"Companies that can adapt quickly to changing conditions will be better positioned to seize opportunities.\"
The sentiment resonated with many attendees who are grappling with the complexities of a shifting global economy. As nations navigate these uncharted waters, Ngai's insights offer a roadmap for businesses seeking to thrive amid uncertainty.
Reference(s):
McKinsey China: Businesses prepared for volatility and uncertainty
cgtn.com
