Risk of economic wars 'very high' amid disintegrating 'world order'

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German Economy Minister Robert Habeck said on Tuesday that the risk of economic wars currently stands at dangerous levels as what he calls the 'world order' is currently disintegrating more and more rapidly. 

"The risk [of economic wars] is very high. And this is one of the meaningful challenges of Davos. We see that some countries have chosen isolation and violent confrontation," Habeck told reporters on the sidelines of the World Economic Forum in Davos.

Besides making mention of Russia and China's "very aggressive policy", Habeck said that the real question will be how other countries will respond to these challenges, noting that if other nations across the globe choose to walk the same path, then chances to solve the world's problems will be impossible. 

"The global world that we once believed existed, and which was connected with the idea of founding the once neoliberal think tank in Davos, is increasingly disintegrating into private and power interests," Habeck added.

'I see a decoupling and this is threatening.' Robert Habeck (@BMWK) sounds the alarm on economic decoupling around the world. #wef23 pic.twitter.com/hyeX4alddA

— World Economic Forum (@wef) January 17, 2023

At the 53rd annual meeting of the World Economic Forum in Davos, Switzerland, several issues to be discussed are on the agenda, some of which include global inflation, investments in emerging technologies, and geopolitical risks for the global economy. 

For the second year in a row, Russia was not invited to participate in the summit due to the situation in Ukraine.

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