The World Economic Forum 2024 Conclusion

Three topics of the special meeting being reviving growth, energy for development, and also global cooperation and peace. And it's been so good to also have all the key ministers looking at how we can de-escalate and break impulses. Also, when it comes to peace in the Middle East. As has been said also during the special meeting, the geopolitical situation is probably the most complex in decades. Geo-economically, we are doing better than we thought a year ago. Even if the growth is not back on where it used to be, we might get there, but we're not out of the woods. (00:54) There are also several challenges. We have the largest debts globally since the Napoleonic Wars. We're close to 100% of global GDP. We also still have an inflationary pressure, and we know with the inflation there, the interest rates will be kept high. And there are many nations now that spend more money on paying interest on their debt than they use on defense, health and education. It's also a stark reminder of how integrated all these challenges are, and I think we are really very privileged to have this great panel with me here this afternoon. To close the special meeting, we have Lord David Cameron, Secretary of State of the United Kingdom. (01:49) We have Prime Minister of Pakistan Mr. Sharif. Welcome. We have Anna Marks, Global Chair of Deloitte. Welcome. We have Minister Faisal Alibrahim, that is Minister for Economy and Planning of the Kingdom of Saudi Arabia. But as I mentioned also my good collaborator on the whole summit. And we have Stephane Bancel, CEO of Moderna. And I think after the pandemic, we all know about Moderna. So we are much more better equipped to understand the pharmaceuticals than we were a few years ago. (02:36) So let's get started. Let me start with you, Lord Cameron on the crisis in the Middle East. We heard from Secretary Blinken that he is going to Israel tomorrow. Hamas has no proposal from Egypt on their table that is accepted by Israel. It means a ceasefire and also release of hostages. Are you optimistic that Hamas will accept this? If they don't accept it, I guess Israel will go ahead with further escalation on Rafah. If Hamas accepts it, I guess you this afternoon, also among the foreign ministers, will then discuss a path to peace and maybe a two- state solution.

Well, thank you Borg, and thank you for having me on this panel. I've definitely got an AstraZeneca in here and a Moderna in here I think. So thank you very much for that. I'm never optimistic about this because it never pays to be optimistic on peace in this very difficult situation. But it does seem to me there is now, let's be frank, a pretty generous offer of sustained 40-day ceasefire, the release of potentially thousands of Palestinian prisoners in return for the release of these hostages who've now been in captivity for over 200 days. (04:11) So I hope Hamas do take this deal and frankly, all the pressure in the world and all the eyes of the world should be on them today saying, "Take that deal." It will bring about this stop in the fighting that we all want to see so badly. And let's assume for a second that does happen. That would be a good outcome but then the most important thing is how do you build the momentum to turn that stop into the fighting into a permanent sustained ceasefire and a political process that can bring this conflict to an end? And I think there's a number of things we need to see. We need to see the Palestinian authority that's now been appointed. (04:46) We need to see that invested in and supported by others and getting set up in Gaza. We need to see the release of all the hostages fundamentally. This conflict won't come to an end until all the hostages are released. We need to see a proper political horizon for a two-state solution so that we can see a future in which there's a secure Palestine alongside a secure Israel. But crucially, this won't work unless the other two conditions are fulfilled, which in my book would be the fact that the people responsible for October the 7th, the Hamas leadership would have to leave Gaza. (05:22) And you've got to dismantle the terrorist infrastructure in Gaza because fundamentally what this comes down to is, unless you can see two things happening at the same time, we're never going to make progress. And those two things are you've got to see a political future for the Palestinian people, but you've also crucially got to see security for Israel. And those two things have to go together. And I think one of the challenge is as we have these meetings here, which is so worthwhile, is to make sure we focus equally on both. (05:51) Because the Palestinians will only feel secure if they can see the horizon to their own state. And Israel will only feel secure if they can see the concept of a Palestinian state that doesn't threaten their own security. So we're in a better place potentially than we've been for a while, but we really need to see this hostage offer accepted and the pause in the fighting so that we can then create the momentum. And that's the job of the foreign ministers, is to try and create the momentum to turn it into a sustainable permanent ceasefire.

I also raised with Secretary Blinken just an hour ago that many speakers here have said that the lack of a two-state solution is also the origin of a lot of the challenges. So if there was a path towards a two-state solution based on the principles mentioned, it would also, according to these speakers, take a lot of momentum out of, for example, what we're seeing from Iran and their proxies.

Well, it takes... I mean, obviously look, you're never going to bring about peace and stability in the Middle East unless you deal with the question of the future for the Palestinian people that is right. But I don't think we should be naive and think that all the problems will be solved if that were to happen. You often hear on the BBC and other channels saying, "Well, there's a variety of conflicts happening here. There's the conflict between Israel and Palestine. There's the potential conflict between Sunni and Shia between Saudi Arabia and Iran." (07:25) But I would add there's also a third conflict going on, which is a conflict within Islam between those who want to see Islam as a religion of peace that can exist in all sorts of different states, but in a stable way. And those who have an extremist version of Islam that leads them towards a path of violence. And it is worth... Hamas is not just a body that has been governing a part of Palestine, it's also an extremist organization that believes in a very extremist interpretation of Islam and a particularly violent one as well. So I think there is that issue and that leads you to the whole issue of Iran. (08:13) And look, I don't believe even if there was a Palestinian state created tomorrow that Iran and its leaders would say, "Well, that's all fine now. It's all sorted." Iran believes fundamentally in the destruction of Israel as a state. And Iran through its support for Hamas in Gaza, through its support of the Houthis in Yemen, through its support of Hezbollah in Lebanon is a force of malign activity in this region, which is deeply destabilizing, deeply troubling. And we do need to have a tougher, more deterrent approach right across the board to what Iran has been doing. (08:53) And let's take the issue of the Red Sea because this is about the freedom of navigation. The ability of ships to move through the Suez Canal, to move through the Red Sea. That should be of concern to every country in the world. And I'm proud of the fact that Britain has stood up with America and taken action against the Houthis because you can't have a situation where an organization is bombing day after day ships of all nationalities, of all types through a vital sea lane. You have to act to reduce their capacity and to deter them. (09:24) So I don't believe the problem of Iranian malignant action will go away simply if we solve the Palestinian problem. It will help, but it won't go away. We shouldn't be naive about that.

I think a point from those speakers was probably also that the legitimacy of those proxies would also be dramatically reduced because that is one of the arguments, for example, from Hamas today, because there is no two-state solution.

Let's be clear, Hamas are not currently in favor of a two-state solution. They are in favor of a no-Israel solution. And so if we're going to find peace, we have to respect the fact, and I respect the fact that Israel is a state that has a right to exist, a right to defend itself, a right to secure borders. We're never going to solve this. And as I said, you have the two things together, a state for the Palestinian people that gives them the dignity of statehood, but guarantees of Israeli security. (10:21) And I think that is absolutely essential because otherwise you are just going to have the problem reoccurring in a different way. So yes, it needs a change of thinking in Israel about the fact they should support a two-state solution because it's fundamentally in their long-term interest. But it also requires a change of thought amongst Palestinians and others about the nature of the future relationship with Israel.

Do you see any change in Israel in favor of a two-state solution?

I think at the moment it's very difficult because obviously on October the 7th, they suffered the biggest loss of Jewish life in a pogrom since the Holocaust. And you only have to go to those kibbutzes as I've been and see how children were shot in front of their parents, an incredible butchery took place. To realize it's very hard for the Israelis to think how they're going to live with the two-state solution, but that's the job of politicians and leaders and others. (11:23) We have to make the arguments that ultimately long-term security will be better guaranteed if you have a two- state solution with the security guarantees that we're talking about. So it's not easy, but I think the work, for instance, that the Saudi government has been doing in terms of looking at the next step in the Abraham Accords of potentially normalizing relations with Israel as part of a political solution. As his Majesty has said, the Palestinians would have to have the prospect of a state, that is hugely helpful.

As a part of a possible normalization between the Kingdom of Saudi Arabia and Israel. I will now go to the other panelists, but you mentioned the Houthis and Britain now also being part of this undertaking with the US, but I think some Saudis said yesterday in one of the panels, where were they in 2015 when we started to really being concerned about the Houthis?

Actually in 2015, we were working very closely with the Saudis, trying to bring stability to Yemen on the basis of working closely with our allies. The point I'm making is that when you have that sort of activity, what was happening effectively was the Houthis were claiming they were doing this on behalf of the Palestinian people. That was their claim. And yet what they were actually doing was attacking ships of every nationality and every description as they went through the Red Sea. (13:07) And that I think is just unacceptable. And you have to... The point was they were paying no price for it. There was no cost to them for doing it. And so it was very important to impose a cost on them, which is what we did.

Thank you very much. Let me now move to Prime Minister Sharif. Thank you for having come to the summit, and of course, we followed all the developments in your country. Pakistan is such an important country, geopolitically where it is situated, but also with a lot of potential for growth. But it has been through a rough period. We know that it's a victim of big floods and possibly climate change related to that.

... it's also been instability when it comes to electricity. It also has had macroeconomic challenges, but based on the past, what is your plan as the new Prime Minister now to revive growth, better governance, and also make really Pakistan into a middle income or an upper middle income country by 2047? And sir, you have to take the mic.

Thank you, Mr. Vande. Just one sentence. Lord Cameron is a friend and he's with other medias doing a very hard work. But I want to make it very clear that the world will not be in peace unless there is permanent peace in Gaza. I'm telling you, very frankly, and we are all feeling them. (15:10) And as if it is not already enough, look at what has Ukraine brought to the world. Commodity prices went skyrocketing. We could not import, procure vital raw materials for our agri-economy and industrial economy. And on top of that, inflation hitting and breaking the back of developing countries. And then coupled with that, climate led devastation in Pakistan in 2022 was something which was unimaginable. And I have to say in all humility that Pakistan is one of those countries which has nothing to do with these reasons leading to climate change. (16:21) Our contribution to emissions is not even a fraction of a percent. And yet we were devastated like never before. Large swaths of land were submerged. Millions of houses were washed away, millions of animals and born disease spread all over the country. And we had to cough out hundreds of billions of rupees from our own scarce resources to rehabilitate effectives, millions of them children under the sky. (17:05) We are very grateful to all those friendly countries, which were very helpful, Saudi Arabia, Britain and Gulf countries, and of course United States of America and many other countries. But the pointed issue is where you have lost $30 billion in terms of your economic losses and 100 billion rupees, which is probably $300 million or so, it is just a fraction. And then when we approached international entities in Geneva and in other places, we had to borrow loans at expensive rates. (17:57) I mean, we were not at fault at all. For no rhyme or reason our country was hit in a way that in my lifetime I've never seen this kind of catastrophic situation. And now that we have taken over, I just want to share, ladies and gentlemen, one example. My late father and his brothers were sons of a poor farmer in undivided India. And then they migrated to Pakistan before division of India in Lahore. Through dint of hard work and un-tiring efforts in 1965, they raised the largest steel engineering company in Pakistan. (18:52) And then on 2nd January 1972, it was nationalized. And there was nothing in their hand to be busy about. Yet my father and his brothers never lost hope. And they stood up and accepted the challenge. And in the very same government regime in 18 months, they raised six new small factories to avoid further nationalization. Guinness Bank was their banker. They said, "Come to England. We will give you a lot of opportunities." My father said, "No, I was born here and I'll die here." (19:36) Now what is the moral of the story? That wherever there's a will, there's a way. We are facing these problems, these challenges, but I think global North has to appreciate that global South will survive, then they will survive and vice versa. We have taken over the reign of the country again after 8th of February this year. And I'm now determined in terms of the example I've just given you to put things in order. (20:15) Easier said than done. For example, our past sector is in shambles. I'm being very honest with you. Power theft in a massive fashion and elitist culture, doles out and hands out being given to those who don't deserve it. Our revenue sector in tatters of what we receive annually, we lose at least four times that amount through leakages. And unless we plug these loopholes, we'll never be able to recover from these devastating impacts out of actions of our own. Nobody else's, let be very clear. (21:10) And then there's also a problem of inflation and death trap. I call it death trap. Now, all this put together is a big challenge. I have to acknowledge from the core of my heart the support we have been given and received from Saudi leadership. I think a friend is a friend in indeed, and we will never be able to repay back to them what they've done to Pakistan in difficult times. My friend, under his watch, DFID has been outstandingly supporting Pakistan in education health. (21:54) But the point at issue is that we have to stand on our own feet. And I know this is possible, difficult but not impossible. And how? That is the point at issue. We are now going for massive reforms, deep-rooted structural reforms. It'll hit me. As Prime Minister, obviously I have to provide leadership by example, ladies and gentlemen. Without that, nothing will happen. And then of course we have to go for austerity, meaningful austerity, just not for publicity. (22:36) And three, we have a very young population. And this young population, which going to hundreds of millions of boys and girls is a challenge, yet a great opportunity. We have to provide them with modern tools and technologies, information technology, AIE and other vocational training to provide them with opportunities to become self earners, SMEs. (23:13) And then here in Saudi Arabia, they should come here and open offices and contribute in nation building efforts here in Pakistan, promote our agriculture through modern techniques. And of course, providing the farmer with best seeds and fertilizer and of course modern tools. My dear friends, ladies and gentlemen, it's a humongous task. It's not an easy task. (23:41) We have to go for higher exports. For that, we have to have opportunities made available to our exporters. We are a country. We don't have oil, we have gas, but it is on the lower trend depleting. We have our biggest asset, natural resources, mines and minerals, fertile land. And of course this youth, which is the biggest asset for Pakistan. (24:11) And together, I'm not going into details over here, but before I came here, for example, in order to have deep-rooted structural changes, you have to separate black sheep from the white. And before I came here for the first time in the history of Pakistan I, after getting credible input from agencies, I made OSDs. Those highest level officers who were not functioning had a gray record. And I said, "Come what may, I will not accept any pressure. I will move forward with a sense of purpose, with a sense of achievement, and make Pakistan find its place in community of nations through hard work and un-tiring efforts."

Thank you. Thank you. Thank you, Mr. Prime Minister. I think you heard on the applause that that was very well received. I'm moving now to Anna Marx, a global chair of Deloitte. I think what we also have heard during these two days, and I know you, Anna, have been in many of the sessions too, is that we need more collaboration if we work against each other. It's not productive. And you're seeing this in business context all the time. How can we collaborate better to meet the targets we have set? Being sustainability, being inclusion. I know you have some thoughts on this.

Well, thank you.

And your mic.

Mic. You think I would know after watching the previous two speakers and after dealing with remote working for quite some time during the pandemic. Thank you for the question. And then thank you, the World Economic Forum and the Kingdom of Saudi Arabia, for convening and hosting this special meeting. It has been a fantastic couple of days and it has been inspiring to hear the openness, the enthusiasm, the acknowledgement, the optimism despite the complexities, some of which we've heard just now. (26:29) And you talk about collaboration and how is collaboration important, particularly when we look at inclusive growth, sustainable growth, growth that means that we can grow in a way that's fair and proportionate across societies, across geographies. And we can't do that without collaboration. And if we just pause on what we mean by collaboration, because actually these meetings are a great forum for debate and discussion and to start to collaborate. But that's very, very different from cooperation. And we hear about cooperation, but really all that is about assigning each other different tasks, working alongside each other and ensuring that what I do doesn't disrupt what you do. Collaboration is different. Collaboration is convening and creating a common goal, a common vision, and building the activities together and executing those activities together to reach that goal. And that's true collaboration. (27:38) And given the complexities we are facing globally right now, much of which has been debated and discussed over the last couple of days, it's very easy to see and to feel that there's an increase in invisible and visible barriers to collaboration. And I'd encourage us all to look for where we can

... and collaborate because without collaborating, we can't achieve our goals of truly inclusive growth. And maybe if I just give one example to bring it to life. If we think about the sustainability aspect, you mentioned sustainability, and we talk about the importance of sustainable aviation fuel, sustainable aviation fuel could have a significant impact on our ambitions around carbon emission reduction. And the International Air Transport Association talks about sustainable aviation fuel probably contributing around 65% or so of the solution to achieve the net zero goals set out for 2050. It's that important, but it's nascent, it's expensive, it's going to take time to produce the production facilities, the raw materials. If we allow this to continue and if we operate in silos, we won't achieve what we need to achieve, which is to accelerate and to achieve those goals for net zero ambitions. (29:13) So what we need is collaboration. We need the agricultural waste producers to think about alternative sources of raw material. We need the jet fuel producers to be aligned with that and think about repurposing and building the production capability and processes. We need the transportation sector to think about how do we transport, what are the logistics that are required around that, complying with regulation and so on. We also need airlines to lean into that. We also need policy makers to ensure that all parties can play their part and that they're incentivized to do so in the right way. We need the funding mechanisms to do it. We need the consumer activity. We need actually associations, trade associations to play their part. The ecosystem goes on. So we need true collaboration in order to build the sustainable aviation fuel that we need to help achieve that net zero goal. So that's just one example. If we are going to get to inclusive growth, it's not about cooperation. It's real collaboration across the ecosystem.

Thank you. Thank you very much. I think this is a perfect segue over to you, Minister Feisel. We had a big contraction of the global economies during Covid. We'll come back to that, Stéphane. But now many countries are back at pre-COVID levels, most countries. And we see that growth is back. Not as high as it used to be, but growth is back. How do you from the Kingdom's side see projection for the coming year? The Kingdom's economy is doing pretty well and has also diversified. 50% of your GDP is now already non-oil related. So how do you look at global economic outlook?

So thank you, Borguet. I believe we view the global economy evolving, but still stuck in a low growth, I'd say, phase and it's unevenly distributed. If you look, for example, at IMF's recent projection, they've been increased to 3.2. But if you double click on that, you'll see that advanced economies are between 1.6 to 1.8% for the coming year. And the US stands out a little bit at 2.7%. If you look at emerging economies, they're a bit higher at 4.2%. Driven mainly by India, but also the Middle East and central Asia. India at 6.5, Middle East, central Asia at around 4.5% and more. So that's not the growth numbers that we want to continue with. We want to see more global economic growth and that's why we're convening here. One of the themes is growth, and by that we mean inclusive growth. And how do we get there? (32:33) We believe there's two things we need to focus on. One, productivity. Productivity has been going down since the global financial crisis. At 1%, especially advanced economies, at 1 percentage points, 1 percentage point per year. Maybe the US has seen an upward trend recently, but that's still the story. In emerging economies, there are two groups. There's the fast lane as some experts call it and the slow lane. The fast lane represents around 3.6 billion people. If they continue at that growth level, they would reach advanced economies level within 25 years. But you're still leaving out 1.4 billion people and the economies that they live in. So, productivity needs to see a shift. We need to focus on the tools, the interventions that will help us grow productivity. And if you look at the fast lane countries, most of the growth or most of the performance came from very large investments. We're talking about 20 to 40% of GDP in terms of size. That's large. (33:44) It's very hard for you to emulate that in emerging economies or most emerging economies. So policies need to be put in place. Investments need to be attracted to the right productive sectors so we can see an upward shift in productivity. That brings me to the second point, which is I'd say collaboration or fragmentation. A more fragmented world is a lower growth world. That's a fact. And with fragmentation comes a lot of costs. So we might be happy with the growth rates in some areas, but we know that without collaboration, we can't really achieve higher growth rates for the global economy. We've seen trade profiles change. We've seen countries geopolitically at distance from each other. We've seen despite that, 20% of trade is across these geopolitical lines, and 40% of that is actually in very crucial products that are highly concentrated. (34:53) So we need to acknowledge that no country or region can be self-sufficient in a very optimal fashion. Every region needs to import at least for 25% of its consumption from other regions. Coming together and acknowledging that, fragmentation is not the best solution. And actually thinking about what Anna said in terms of collaboration, putting together solutions to some of the things that are pulling us apart. And as an example, the recent Middle East conflict and the need for us to find a solution for it is just an example. If we succeed in creating, just as an example, peace in the Middle East, finally and a lasting piece, this will remove many of the headwind in front of global progress and global economic development. So we need to keep in mind productivity and fragmentation.

Well, thank you. Thank you so much, Minister. And you're so right. There is no countries that are in war or conflict that have even met the millennium development goals or the sustainable development goals. A prerequisite is that you also have peace. I think it's an incredibly important point. Coming to you, Stéphane Bancel. I think we all know what Moderna is. We had this question, was it Pfizer or Moderna? You got the last vaccine. I still think we remember that. The reason why I mention this is that during Covid, it was this pandemic. We were also reminded that health is not only a cost, it also makes sense to invest in health and preparedness. It is a good investment. The cost of inaction far exceeds the cost of action. Before we looked at the costs are now increasing, maybe we can cut here or here. And how do you see, of course, not only to avoid future pandemics, but also how do you see as a pharmaceutical company that these can be investments and part of reviving growth?

Sure. So thank you for having me today. Congratulations to the WEF and to the Kingdom for this great few days for this special meeting. And it's really exciting to see the change in the Kingdom. I had a chance to come over the last 20 years and to see the dynamism, the optimism, and all the great thing happening. Congratulations. So I think too many people, too many policymakers, too many business leaders took healthcare as granted. It was a given. If you take it at a very personal level, if I'm sick, I cannot be a good husband. I cannot be a good father. And also I cannot be a good colleagues to my coworkers. And it's true for every one of us. And so health is not a given, and I believe health is never a given. And it's a bit like the environment. That's an analogy I would like to draw here, which I think is important. (38:15) My wife likes to say bees don't send invoices, but if we don't have bees anymore, we are all going to be in big trouble. Trees don't send invoices, but if there's no more trees providing oxygen, we're not going to last very, very long. And so I think it's important that we always consider as leaders what is required to enable the prosperity of the people and the growth that is necessary. Just look along Covid. It is terrible. In the US so far, there has been 16 million people. 16 million people [inaudible 00:38:50] Covid, mostly young people in their 20s, their 30s, their 40s. You hear some stories were horrible. Somebody who used to be able to jog five kilometers a day can barely walk now because the lung damage there is permanent and is very profound around the world. Young people. 4 million Americans out of job right now because of lung Covid. Think about the impact it has on them as people, their families, and on the economy. Think about it has an impact on inflation just having this talented labor pool not available to create value. (39:22) A lot of time we talk about healthcare, but I would like to propose that we actually talk about healthcare, but it's not healthcare that we're doing as a society. It's sick care. We're mostly taking care of people that are sick. And if you think about it, we have to really invest much more in prevention. What I think is really exciting today is we are every day learning more and more about how our body works. I believe we are just years away, not decades away, years away from understanding most of the functioning of a human body. That is a miracle in the history of humanity on the planet. For hundreds and thousands of years, we had no idea how the body was working. Until recently, we used to bleed people when they were sick trying to help them. So think about the world where we can use that knowledge to help people not get sick. That's how we're going to really help a lot of people across the world, including people of course in low-income country. And I think that's a solution. Too many times I talk with public health leader. And as you say, we talk about vaccine and we talk about cost. Vaccine is one of the best, if not the best, return on invested healthcare dollar. So we should really think about how do we prevent people from getting sick? The world will be much better and all of us can enjoy a great life versus taking care of people who are already sick.

I think that was a very important message. And I will not forget what you said or your wife said about the bees are not sending invoices or the trees, but they're doing a very important job. And also what we're doing today is sick care and not healthcare. How can we also do more preventive-

I was hit by Covid thrice, but my lungs are fine.

I'm glad. But I thought that number of Americans with 16 million with lung Covid, it was a staggering number. But we don't want to be at the end of the panel because I'm seeing the clock is really ticking up there. You can see it, but it tells us that we have to land. But I don't want to end on a negative note either. So I was thinking, Stéphane, that I just read that Moderna is working on three new vaccines. I think they're at trial with the experimental vaccines against new viruses. I guess that's good.

Yes.

Yes, we're actually 28 that are in the clinic right now. Some will be approved as early as in the next few weeks. But the thing that excites me the most is what we're doing in cancer. We have amazing data in skin cancer. We're working with many regulators to get these to patients as soon as possible. And I think that because of progress that the scientific community is making in the basic understanding of cancer, I believe in our lifetime we're going to see most cancer being able to be taken care of, which would be a wonderful hope for humanity. As you know, for so many families, we have all been touched by cancer to loved ones, and I think if you could live in a world where cancer is treatable and not a death sentence, that will be a big step forward for mankind.

Next decade or in two decades?

I'm talking years. Again, I'm talking years and I'm hoping that potentially as early as next year, we will have the first product on the market for cancer.

Wow. That's really... I think everyone has had someone, friends or family, that has been affected. I think this is also a bit of a segue back to you, Minister Faisal, because I think artificial intelligence also will play an important role in the future of healthcare, I guess, also sick care. But artificial intelligence can also respond to what you mentioned about decreased productivity. Productivity is really prosperity. When you can increase productivity, you can pay people higher salaries for doing less, or you can produce higher up in the value chain. I think you have an announcement on artificial intelligence to share with us today.

Just as a backdrop, maybe, Borge, and to answer your previous question as well. On the Vision 2030, the Kingdom's economic evolution has been moving very robustly. Our non-oil growth, which is what we are very proud of, in 2022 when the Kingdom was the fastest G-20 economy in growth, grew at 5.9% and that momentum is still continuing till today. The IMF projects our non-oil growth to be 5% this year, 5.1% next year. So this is very important for us. Because of our diversification, by design, we're moving away from very productive sectors like oil and petchems and financial services, which means there is a pressure on our productivity to decline. Since Vision 2030, that decline has slowed down, but we're looking for more ways to improve productivity because we want to become a productivity-led economic growth story, not just a resource-led one. And that has led us to prioritize research, development and innovation, human capital development outcomes and investments in technology. (44:58) More recently, focusing on artificial intelligence as well. As a user, the government is one of the most active governments in terms of looking at a lot of policy areas and problems and trying to answer them, but also the private sector as an investor, but also as a platform for others to participate in. And because of that and because of what we said earlier, the importance of this kind of technology being inclusive. If it's inclusive, this means it can create growth avenues in the lesser developed countries, if we focus on inclusivity. (45:31) So we're very proud to be joining the AI Global Alliance that's been launched by the World Economic Forum. The Kingdom will be joining this alliance as of now, and we're also very much excited about working with the forum on this new initiative called Inclusive AI for Growth and Development. That's one way the Kingdom will push the needle on the need for global governance, when it comes to artificial intelligence, but also making sure this technology is inclusive for optimal global growth outcomes.

Bravo. Well, thank you. Thank you very much. And I think we then will be working together to make sure that AI can work in the interest of humankind. You know, the World Economic Forum is a Swiss based international organization, so I learned when I started at the forum that you have to be on time. It's like the only place is in Switzerland if they start a meeting before the time. If you're arriving at five and the meeting was supposed to be at five and they were a critical mass, it would just have started. And I see there is zero time left here, but I also felt the panel was so good, I would've liked to continue. But I learned from being a former speech writer that you should end when people still want you to continue because that's mainly not the case when it comes to politicians. You want them to land. (47:11) So I think this panel has been a great panel. I would also like to use this unique opportunity when we are at the end of this summit, the special meeting, that has meant a lot to the World Economic Forum. It's our first time in the Kingdom in our 55 years' history. It's incredible the changes that are taking place here. Also, the cooperation with the Kingdom, with Minister Faisal, but I see also many of the other ministers that we work so closely with. And also under the patronage of his Royal Highness the Crown Prince has been incredible. So we feel that this has been a highlight. In a world where we need, as Anna also said, to collaborate, more dialogue is needed and we have had 92 different nationalities, nations, represented here. (48:10) I would also like to use this opportunity to thank my teams at the World Economic Forum, together with Minister Faisal. I think they have not really slept that much during the last weeks. And the two last nights, I think there has been no sleep, but they're very committed. I'm very thankful for putting all this together and I think we all aspire, if we are re-invited to come back to the Kingdom. I would like then to introduce for closing remarks, my colleague, our director for Middle East and North Africa, Maroun Kairouz. Maroun, thank you to you and your team and the teams for the incredible job.

Thank you, Borge, for your leadership. Esteemed panelists, thank you. And first and foremost, thank all of you for your devoted engagement during the past couple of days for this first meeting in Saudi Arabia, as you said, Borge. The meeting has taken place at a crucial time for the region and for the world, against a backdrop of geopolitical fragility, so it was incredibly important that we hold it at this time. (49:26) At the closing of this meeting, I just want to end on a positive note, as you were saying, and mention some of the concrete outcomes or key discussions that took place during the course of the meeting. First of all, we hosted important dialogues on the geopolitical situation in the region to build trust between key regional and international actors and make progress towards peace against, again, a complicated geopolitical backdrop. (50:02) Another example is, we held similar dialogues with top government officials from key emerging economies, including Malaysia, Turkey, and Mexico, which are pivotal on global supply chains in the current geo-economic landscape. In addition, Saudi Arabia and the Bill and Melinda Gates Foundation pledged to work together to help protect 370 million children annually from polio. (50:37) A new forum report was launched that explores how artificial intelligence could revolutionize education systems, for educators and students alike. While a new framework will chart a path for governments and employers to expand a global digital workforce. (51:07) We signed an agreement, as in the World Economic Forum, signed an agreement with the Saudi Space Agency to launch a center for the fourth industrial revolution to ensure that the fast-growing space industry contributes to sustainable economic development. As was just announced by Minister Faisal, Saudi Arabia will join the forum's AI Governance Alliance on inclusive AI for growth and development to identify challenges and solutions to global AI access. On cybersecurity, we published a report on the guiding principles to enhance cyber resilience in manufacturing. (51:53) Together, we explored policy tools that can scale up the use of clean energy solutions while ensuring equitable growth. For instance, our Global Future Council on the Energy Transition, released a report detailing the geopolitical environment and economic implications of shifting from fossil fuels to critical minerals. The leaders for Sustainable MENA, a community of CEOs from the region, met to strengthen their corporate climate commitments and to help their suppliers, down the supply chain, to decarbonize. Our innovators from UpLink, launched, with the Saudi Minister of Energy and the Ministry of Economy, a new circular carbon economy initiative to source start-ups working on cutting-edge solutions for reducing, reusing, recycling, and removing carbon from the atmosphere. (52:54) Once again, please allow me to thank all of you for your devoted engagement. To thank Minister Faisal and his team for the great collaboration. And a big thank you to the Kingdom of Saudi Arabia for hosting us here. Have a great rest of the day, everyone.