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For Immediate Release

Contact

Eric LeCompte, Executive Director, Mizraim Belman Guerrero, Communications and Outreach Director, mizraim@jubileeusa.org

Press Release

World Economic Forum Grapples with Pandemic-Troubled Global Economy

WASHINGTON -

Against the backdrop of pandemic-caused economic shocks and social disruptions, the World Economic Forum hosts world and business leaders for its annual meeting. Headquartered in Davos, Switzerland the mission of the forum is to foster global economic cooperation. The January 17th through 21st meetings take place virtually for the second year in a row.

“As new virus variants emerge, the global economy faces increasing uncertainty," noted Eric LeCompte, a United Nations finance expert and Executive Director of the religious development group Jubilee USA Network. Jubilee USA Network monitors the work of the World Economic Forum. “Inflation, supply chain disruptions, growing social discontent and the lack of recovery in developing countries are all big concerns at this year's forum."

The World Bank projects half of developing countries will spend less in 2023 than they did in 2019. On January 1st, 46 countries benefiting from a G20 pandemic-related debt payment suspension initiative had to resume debt payments.

"Developing countries are struggling with rising debt levels and revenue loss," stated LeCompte. "With no certain recovery in sight, parts of the private sector are wrestling with economic losses during the Davos meetings."

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Jubilee USA Network is an interfaith, non-profit alliance of religious, development and advocacy organizations. We are 75 U.S. institutions and more than 750 faith groups working across the United States and around the globe. We address the structural causes of poverty and inequality in our communities and countries around the world.

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