World Economic Forum President: U.S. Economy Very Strong

A convention audience heard positive current news and future predictions about the U.S. economy and its standing on the global economic stage.

Børge Brende, president of the World Economic Forum, addressed the Opening General Session audience remotely from Geneva, Switzerland, saying “Despite being in various stages of unpredictability and geopolitical risk, things are looking better for the U.S. economy than we predicted a year ago.

“If a country makes real cost-effective investment in infrastructure, such as the U.S., that will reflect in increased GDP and in global competitiveness,” he added.

He noted that the U.S. still produces 25 percent of global GDP while having 5 percent of the world’s population. “The U.S. economy is very, very strong.”

Brende pointed to worldwide economic challenges such as strong inflationary pressures being experienced by various countries, and the impact on European energy because of the war in Ukraine. He added that the overall global economy has improved over the decades, noting that in 1990 the extreme worldwide poverty rate was 42 percent. Today it stands at 11 percent.

He also named artificial intelligence (AI) as potentially having the most impact on future global finances. “While some AI elements can be worrisome, it has the potential to boost worldwide production tremendously,” he said. “As it becomes more incorporated, it will affect jobs.

“The U.S., however, will always remain pretty well-positioned because of its ability to change.”