Sir: The current World Economic Forum (WEF)] conference in Davos is significant from the various angles. It goes without saying that ‘improving the state of the world’ is the motto of WEF. The issues like protectionism and climate change have been discussed a lot at the forum now.
In fact, the international community has been caught up in the mess created by the political class. The man-made obstacles like power, politics and corruption have largely reduced the speed of the economic growth. In particular, our entire system has been damaged by power, not to mention the rampant corruption.
Right now effective and greater efforts are necessary to increase the size of the economy. Only then can the wealth be distributed to all in the world. To achieve this breakthrough, both politics and economy should function hand in hand. Besides, as the first step towards breaking the jinx of the recession, a thorough and in-depth analysis of the flagging economy is needed.
In fact, natural factors such as monsoon failure/vagaries and floods can play havoc with sectors like agriculture and production. Then, what caused the major problems like economic meltdown, financial crunch and layoffs? The blatant failure to implement stern economic rules is the root cause of the mess in industries. As a result, all kinds of financial frauds like tax havens and defaults have popped up now.
According to Alfred North Whitehead, ideas won’t keep; something must be done about them. The countries should chart out strong strategies to handle all economic issues head-on. Also, the business houses are in dire need of encouragement and boost.
The governments should show more generosity with a bit of courage in matters of financial assistance and tax benefits for the corporate world.
P SENTHIL SARAVANA DURAI
Mumbai, India
Published in Daily Times, January 26th 2018.