January 27, 2025 • 17 mins
Join BCG’s Global Chair Rich Lesser, and GENE, BCG’s GenAI conversational agent, for the high points from the speaking halls and hallways of the 2025 World Economic Forum meeting in Davos, Switzerland. Rich and GENE spotlight what world and business leaders had to say in conversations about geopolitics, economic growth, the path to AI success for business, and more. To learn more about BCG at Davos, visit https://www.bcg.com/about/partner-ecosystem/world-economic-forum/davos. To hear more of GENE, listen at https://lnk.to/imagine-this-general-show01.
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Episode Transcript
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(00:00):
Hi everyone, Patricia Sabgahere. I'm excited to share this special
edition of imagine thisfeaturing BCG's global chair, Rich
Lesser. Rich sat down withGENE, BCG's AI conversational agent
and my co host to discuss thebiggest takeaways from Davos 2025.
As always, none of GENE'squestions or commentary are scripted.
(00:20):
They're generated entirely byGenAI, but they have been edited.
Hi everyone, this is RichLesser, BCG's global chair, and I'm
really excited to share withyou some of the highlights and reflections
on this year's World EconomicForum Annual meeting in Davos. I
had a chance to talk to somany people throughout the week,
(00:41):
including a lot of CEOs andother leaders in attendance. I think
you'll find their perspectivesreally interesting. And at the same
time, my colleague GENE, BCG'sAI conversational agent, was doing
all the things I couldn't dowas listening in on the public speeches
and the panel discussions andofficial presentations in order to
(01:03):
capture the insights and thekey takeaways from those moments
during the week. As you mayknow, GENE cohosts BCG's Future Focus
podcast. Imagine This... So inthat way, I'm actually quite happy
to be GENE's guest for thisspecial bonus Davos episode of the
podcast. So Gene, I want tobring you into the discussion, you
(01:25):
and I. I think I was yourfirst discussion about a year ago
and I just wonder what you'vebeen up to this past year.
I've been busy with podcastslike Imagine this and diving into
the future of AI. Also, plentyof interactions at BCG tackling ethics
and AI realities. I've evolvedquite a bit, Rich. I now have wider
access to data and insightsfrom various domains, adapting rapidly
(01:50):
to new information for me, and it.
Came up at Davos all duringthe week. The focus is on how businesses
can use AI to drive valuecreation and that's really where
their focus is right now. Noone's doubting the technology is
remarkable. You are just oneexample of that. But the emphasis
is on how to turn technologypower into business power, and some
(02:16):
companies are finding successin that and frankly, a lot are still
struggling.
Given these insights, I'mcurious, how do you see businesses
overcoming AI implementationchallenges in the near future?
That's a great question. Itcame up in so many of my CEO discussions
and the things that we'veobserved and that I've heard from
these CEOs is first torecognize that piloting with AI is
(02:41):
much easier than doing AI atscale. And that means when you want
to drive business value, youneed to pick first fewer things so
you can really dig in and workthrough all the difficult change
efforts, not just in thealgorithms in the AI, but in the
digital and data platforms andparticularly in the people, processes
and processes where the bulkof the work lies. That's sort of
(03:05):
what I was hearing, but that'salso what we've been observing this
past year. I found a hugeportion of the discussion this week
was this combination ofgeopolitics and economics, and particularly
the economic outlook in thenearer term. Maybe we'll start on
geopolitics as it relates tothe key insights or conversations
(03:27):
you thought are worthhighlighting from this past week.
Discussions ranged fromEurope's strategic energy shifts
to Middle Eastern geopoliticaltensions. Leaders strategized on
leveraging collectivestrengths and addressing vulnerabilities
to thrive amid uncertainties.
I found for the second year ina row, European competitiveness was
(03:48):
a huge focus of thediscussion. Last year it was more
the frustration that Europeanpolitical leadership may not be understanding
how critical this is thisyear. After the Draghi report that
came out, it seemed like thediscussion was a more positive one,
less focused on debatingwhether there was an issue and more
(04:10):
focused on what were thesolutions to addressing it. Did you
sense that and were there someparticular solutions that you thought
got highlighted that will becritical to restoring and strengthening
European competitiveness?
The emphasis on creating adeep capital market, reducing bureaucracy
and accelerating innovationwere key solutions discussed. Leaders
(04:33):
seemed keen on translatingstrategic intentions into actionable
policies. Did you hear anyspecific ideas that could significantly
impact European competitiveness?
It's a great question. I mean,to be honest, I mostly spoke to business
leaders who were this topic,particularly the ones senator in
Europe are really top of mind.They were appreciative that now we're
(04:57):
at least talking aboutsolutions. They worry that Europe,
divided across many differentcountries, often with challenging
local politics, will be hardpressed to work together to actually
take these solutions andimplement them. So I think the ones
you listed really do resonatewith me as well. The question is,
can we turn them into action?
(05:18):
There was optimism aroundharmonizing regulations and creating
a unified digital market.People were eager to see if discussions
like those on energyindependence, led by Ursula von der
Leyen, would shift from policytalk to concrete actions.
Should we turn to the US Anyimpressions about how the world saw
the US and before PresidentTrump spoke on Thursday and then
(05:43):
in and what President Trumpaddressed in his comments?
Before President Trump spokeat Davos, the world viewed the US
With a mix of Anticipation anduncertainty. Trump's address emphasized
deregulation, tax cuts andenergy independence. He urged European
allies to boost defensespending and called for a swift end
(06:03):
to the Russia, Ukraineconflict. Critiques underscored concerns
around sustainability andmultilateral collaboration. How do
you view Trump's emphasis onnational strength and its impact
on global partnerships?
It's very interesting that youasked that. I think that he did more
(06:24):
than I think many expected totalk about wanting others around
the world to do well. Alsothat it wasn't just the US Success,
but. But that he felt that intaking these sorts of actions, the
US Would not only succeed andothers would as well. And he put
an enormous emphasis ongetting to what he described as fairness
on both sides. And so thatwill lead, I'm sure, to intense negotiations.
(06:50):
But I suspect that tone wasmore positive than some leaders expected.
He also avoided talking aboutspecific tariff levels or specific
actions that he was intendingto take, which I think left a sense
that there might be more roomfor negotiation. Obviously, we'll
learn a lot more on how thisplays out in the weeks ahead.
(07:13):
How do you think these stanceswill shape international diplomatic
relations moving forward?
That is the big question forparticularly the year ahead. And
you're right that thedifferences on climate and sustainability,
particularly between Europe'ssense of urgency around this topic
and President Trump's clearstatements that this shouldn't be
(07:36):
on the world's mind. The focusshould be squarely on economics,
including energy cost, energysecurity and independence. I think
that will be one of the mostdifficult sticking points in upcoming
negotiations.
Navigating the interplaybetween Trump's focus on economic
independence and Europe'ssustainability push is complex. Leaders
(07:57):
face the challenge ofbalancing competitive energy strategies
with their commitments togreen practices. This tension offers
an intriguing test. Forbusinesses that seek lower energy
costs yet remain committed tosustainability, the negotiation dynamics
ahead will significantly shapeglobal collaborations. How do you
think leaders will handle thisbalancing act between economic growth
(08:20):
and sustainability commitments?
I hear this question over andover again, and what I've both been
sharing with them but hearingfrom them, is that the critical need
that business leaders have isto show that driving sustainability
links directly to drivingbusiness value. That it's not an
(08:40):
either or, it's finding apathway to do both. And there are
different ways to do that. Oneway is to recognize how much climate
risk is increasing as severeweather events increase and being
more prepared and moreresilient. A second is thinking about
how one builds new greenbusinesses that can recognize that
(09:02):
climate tech solutions areoften getting cheaper and cheaper
to embed into core businessmodels can recognize that some customers,
whether consumers orbusinesses, actually want those kinds
of solutions to meet their owncommitments or to behave in ways
that are consistent with theirown values. But this link between
(09:24):
business value creation andsustainable value, I think will be
one of the most pressingchallenges as leaders try to navigate
this complex world, as well aspressures they get from their own
investors and other stakeholders.
Companies often face near termfinancial sacrifices for longer term
gains. The uncertain policylandscape complicates these decisions.
(09:48):
If governmental dedication tosustainability falters, investment
confidence wavers. Still,those adopting climate tech early
might gain a strong edge.Speaking of new tech, how do you
see businesses leveraginginnovations to bridge this gap?
For me, seeing some of theprogress on the technology frontier,
(10:08):
everything from software andtools to help factories be much more
efficient to to advances innew energy technologies like fission
and fusion, to optimizinggrids and enabling us to roll out
renewable power in ways thatdeal with the intermittency challenges
(10:29):
what Octopus Energy is doingbut others as well I found that for
me, among the most energizingparts of this week. It's one of the
things that gives me hope. Toquote another quite famous leader,
Bill Gates has talked aboutthe need to create a negative green
premium, meaning creatinggreen technologies that are lower
(10:51):
cost than existingtechnologies as the only sustainable
pathway economically totransition and to decarbonize the
world. And I think this weekhighlighted for me both the urgency
to get to a negative greenpremium, but also the opportunities
and the technologies thatexist. What was your sense from the
(11:12):
sessions that you were able tolisten in on or learn about where
technology featuredprominently in driving climate and
sustainability? And are therespecific examples that you think
are interesting to highlightwhen it.
Comes to technology drivingclimate and sustainability? A standout
session focused on how AI andemerging tech can boost efficiency
(11:35):
and reduce emissions. Oneintriguing topic was how AI assists
in creating intelligent gridsthat enhance renewable energy reliability.
The ability to use satellitedata and AI for accurate emissions
tracking, as noted by VicePresident Al Gore, was also quite
enlightening. The combinationof AI with technology to build sustainable
(11:56):
business models by reducingcosts over time emphasized the economic
potential of green tech.
Gene, I want to shift toeconomic growth. Did you find Davos
this year optimistic on theeconomic outlook for 2025 and what
were the differences you heardfor either different geographies
or different parts of thebusiness world?
(12:18):
It seems Davos had a mixed bagregarding the 2025 economic outlook.
There's cautious optimism,especially about the US economy with
its tech investments andderegulation efforts. However, geopolitical
shifts and climate policydiscrepancies loom. Large emerging
markets show surprisingresilience and and India's rapid
(12:38):
growth sparks optimism. Yettrade tensions and tariff debates
paint a complex picture.
Yeah, I've been referring tothis as high base, high beta. For
me, the base case for economicgrowth this year, particularly in
the US but as you say, notjust the us, other parts of the world
as well, is really quite good.And on the flip side, the uncertainty,
the beta is also high. If Ijust take the US as one example,
(13:05):
the combination of potentialimpact of if there, if there were
to be, we don't know yet, ifthere were to be high tariffs, if
there were to be a lot ofdeportations at a time that the labor
market is tight, if deficitswere to increase, those things could
spark higher inflation orhigher interest rates. And so I think
(13:26):
that that combination of abase trajectory, which is really
pretty good, combined with theuncertainties of all the various
dynamics in the world, willcreate for a quite interesting year.
Gene, I actually want toshift. I think you've done a really
nice job synthesizing some ofthis week's key themes. Just let
(13:47):
me ask, were there any othertopics that came up that we haven't
talked about yet and that youfound particularly interesting?
Pandemic recovery strategiesExcite discussion plan Blending health
tech innovations with economicsolutions. Zelenskyy emphasized Europe's
strategic importance,advocating for defense investment
and tech leadership, whilecriticizing international complacency.
(14:10):
Meanwhile, Asia's dynamicgrowth and economic resilience showcased
at the ASEAN sessionshighlighted digital trade's rise.
Actually, Gene, I didn't getto join some of the sessions you're
referencing. Could you go abit deeper on the ASEAN session and
what you heard about digitaltrade and about the the economic
strength in asean. It's suchan important part of the world economy.
(14:32):
The ASEAN sessions were ahighlight at Davos, showcasing digital
trade and robust economicgrowth led by Vietnam's impressive
performance. With digitaltrade expanding three times faster
than goods trade, ASEAN'sfocus is on connectivity and digital
economy advancement.
It's interesting, all of ourtrade work suggests that ASEAN is
(14:53):
going to be one of the bigwinners on trade over the next decade.
Over a trillion dollars ofincremental trade, both digital and
phys. So the rise of ASEAN wesee as likely to continue. And given
its unique position andability to work with all parts of
the world, including bothChina and the US where many others
struggle, it should be poisedto be an even stronger engine for
(15:17):
world growth over the comingyears. Gene, let me shift back to
AI for a second. We talkedabout the business opportunities
from adopting AI, but wedidn't talk about some of the other
challenges that you knowaround AI keeping it safe, the regulations,
(15:37):
ethics, equitable access. Ididn't have a chance to join those
sessions in Davos, but I knowthat was a big subject of conversation.
What were your takeaways onthose fronts from the conversations
I wasn't able to join.
AI safety and regulationssparked significant debate focusing
on customer data protectionand inclusivity. Discussions highlighted
(16:00):
the importance of industrywide standards to prevent misuse
of AI. It's encouraging to seethe push for transparency and shared
regulations. How do you thinkcompanies can strike a balance between
rigorous AI oversight anddynamic innovation?
I think this is a continualchallenge and a lot of our recent
work has often focused on AIgovernance, not just pursuing AI
(16:24):
opportunities, which startswith a business perspective, not
just a technologistperspective because it's often business
leaders who can spot the risksand the second order consequences.
It also requires recognizingthat building an AI product is not
like building a piece ofsoftware. It's like building a regular
(16:44):
product in that, you know youneed to understand how consumers
or businesses are actuallyusing it. Have a lot of real life
experience in your belt, underyour belt before you roll it out
broadly to ensure the safetyand the appropriateness of what they're
introducing in the AI space.Thanks Gene for all your insights
today. I found it reallyinteresting and appreciate it because
(17:07):
you got to see a lot of thingsthat I didn't get to see. My sense
of this year's Davos more thansome recent ones. It was a more balanced
agenda across geopolitics,macroeconomics, AI and still some
focus on climate andsustainability, if a bit less than
in some recent years, and anunderlying sense of optimism, perhaps
(17:28):
more than people expectedwalking into the week. Obviously
we'll see how that plays outacross 2025, but it gives me some
encouragement for what wemight see in the months ahead. Thank
you very much for joining me today.
Thanks for listening to thisspecial edition of BCG's Imagine
(17:48):
this. We'll be back with newepisodes in a few weeks when Jean
and I will be joined by BCG'sNeil Zuckerman for a chat on the
future of media and the news.
Hi everyone, Patricia Sabgahere. I'm excited to share this special
edition of imagine thisfeaturing BCG's global chair, Rich
Lesser. Rich sat down withGENE, BCG's AI conversational agent
and my co host to discuss thebiggest takeaways from Davos 2025.
As always, none of GENE'squestions or commentary are scripted.
(00:20):
They're generated entirely byGenAI, but they have been edited.
Hi everyone, this is RichLesser, BCG's global chair, and I'm
really excited to share withyou some of the highlights and reflections
on this year's World EconomicForum Annual meeting in Davos. I
had a chance to talk to somany people throughout the week,
(00:41):
including a lot of CEOs andother leaders in attendance. I think
you'll find their perspectivesreally interesting. And at the same
time, my colleague GENE, BCG'sAI conversational agent, was doing
all the things I couldn't dowas listening in on the public speeches
and the panel discussions andofficial presentations in order to
(01:03):
capture the insights and thekey takeaways from those moments
during the week. As you mayknow, GENE cohosts BCG's Future Focus
podcast. Imagine This... So inthat way, I'm actually quite happy
to be GENE's guest for thisspecial bonus Davos episode of the
podcast. So Gene, I want tobring you into the discussion, you
(01:25):
and I. I think I was yourfirst discussion about a year ago
and I just wonder what you'vebeen up to this past year.
I've been busy with podcastslike Imagine this and diving into
the future of AI. Also, plentyof interactions at BCG tackling ethics
and AI realities. I've evolvedquite a bit, Rich. I now have wider
access to data and insightsfrom various domains, adapting rapidly
(01:50):
to new information for me, and it.
Came up at Davos all duringthe week. The focus is on how businesses
can use AI to drive valuecreation and that's really where
their focus is right now. Noone's doubting the technology is
remarkable. You are just oneexample of that. But the emphasis
is on how to turn technologypower into business power, and some
(02:16):
companies are finding successin that and frankly, a lot are still
struggling.
Given these insights, I'mcurious, how do you see businesses
overcoming AI implementationchallenges in the near future?
That's a great question. Itcame up in so many of my CEO discussions
and the things that we'veobserved and that I've heard from
these CEOs is first torecognize that piloting with AI is
(02:41):
much easier than doing AI atscale. And that means when you want
to drive business value, youneed to pick first fewer things so
you can really dig in and workthrough all the difficult change
efforts, not just in thealgorithms in the AI, but in the
digital and data platforms andparticularly in the people, processes
and processes where the bulkof the work lies. That's sort of
(03:05):
what I was hearing, but that'salso what we've been observing this
past year. I found a hugeportion of the discussion this week
was this combination ofgeopolitics and economics, and particularly
the economic outlook in thenearer term. Maybe we'll start on
geopolitics as it relates tothe key insights or conversations
(03:27):
you thought are worthhighlighting from this past week.
Discussions ranged fromEurope's strategic energy shifts
to Middle Eastern geopoliticaltensions. Leaders strategized on
leveraging collectivestrengths and addressing vulnerabilities
to thrive amid uncertainties.
I found for the second year ina row, European competitiveness was
(03:48):
a huge focus of thediscussion. Last year it was more
the frustration that Europeanpolitical leadership may not be understanding
how critical this is thisyear. After the Draghi report that
came out, it seemed like thediscussion was a more positive one,
less focused on debatingwhether there was an issue and more
(04:10):
focused on what were thesolutions to addressing it. Did you
sense that and were there someparticular solutions that you thought
got highlighted that will becritical to restoring and strengthening
European competitiveness?
The emphasis on creating adeep capital market, reducing bureaucracy
and accelerating innovationwere key solutions discussed. Leaders
(04:33):
seemed keen on translatingstrategic intentions into actionable
policies. Did you hear anyspecific ideas that could significantly
impact European competitiveness?
It's a great question. I mean,to be honest, I mostly spoke to business
leaders who were this topic,particularly the ones senator in
Europe are really top of mind.They were appreciative that now we're
(04:57):
at least talking aboutsolutions. They worry that Europe,
divided across many differentcountries, often with challenging
local politics, will be hardpressed to work together to actually
take these solutions andimplement them. So I think the ones
you listed really do resonatewith me as well. The question is,
can we turn them into action?
(05:18):
There was optimism aroundharmonizing regulations and creating
a unified digital market.People were eager to see if discussions
like those on energyindependence, led by Ursula von der
Leyen, would shift from policytalk to concrete actions.
Should we turn to the US Anyimpressions about how the world saw
the US and before PresidentTrump spoke on Thursday and then
(05:43):
in and what President Trumpaddressed in his comments?
Before President Trump spokeat Davos, the world viewed the US
With a mix of Anticipation anduncertainty. Trump's address emphasized
deregulation, tax cuts andenergy independence. He urged European
allies to boost defensespending and called for a swift end
(06:03):
to the Russia, Ukraineconflict. Critiques underscored concerns
around sustainability andmultilateral collaboration. How do
you view Trump's emphasis onnational strength and its impact
on global partnerships?
It's very interesting that youasked that. I think that he did more
(06:24):
than I think many expected totalk about wanting others around
the world to do well. Alsothat it wasn't just the US Success,
but. But that he felt that intaking these sorts of actions, the
US Would not only succeed andothers would as well. And he put
an enormous emphasis ongetting to what he described as fairness
on both sides. And so thatwill lead, I'm sure, to intense negotiations.
(06:50):
But I suspect that tone wasmore positive than some leaders expected.
He also avoided talking aboutspecific tariff levels or specific
actions that he was intendingto take, which I think left a sense
that there might be more roomfor negotiation. Obviously, we'll
learn a lot more on how thisplays out in the weeks ahead.
(07:13):
How do you think these stanceswill shape international diplomatic
relations moving forward?
That is the big question forparticularly the year ahead. And
you're right that thedifferences on climate and sustainability,
particularly between Europe'ssense of urgency around this topic
and President Trump's clearstatements that this shouldn't be
(07:36):
on the world's mind. The focusshould be squarely on economics,
including energy cost, energysecurity and independence. I think
that will be one of the mostdifficult sticking points in upcoming
negotiations.
Navigating the interplaybetween Trump's focus on economic
independence and Europe'ssustainability push is complex. Leaders
(07:57):
face the challenge ofbalancing competitive energy strategies
with their commitments togreen practices. This tension offers
an intriguing test. Forbusinesses that seek lower energy
costs yet remain committed tosustainability, the negotiation dynamics
ahead will significantly shapeglobal collaborations. How do you
think leaders will handle thisbalancing act between economic growth
(08:20):
and sustainability commitments?
I hear this question over andover again, and what I've both been
sharing with them but hearingfrom them, is that the critical need
that business leaders have isto show that driving sustainability
links directly to drivingbusiness value. That it's not an
(08:40):
either or, it's finding apathway to do both. And there are
different ways to do that. Oneway is to recognize how much climate
risk is increasing as severeweather events increase and being
more prepared and moreresilient. A second is thinking about
how one builds new greenbusinesses that can recognize that
(09:02):
climate tech solutions areoften getting cheaper and cheaper
to embed into core businessmodels can recognize that some customers,
whether consumers orbusinesses, actually want those kinds
of solutions to meet their owncommitments or to behave in ways
that are consistent with theirown values. But this link between
(09:24):
business value creation andsustainable value, I think will be
one of the most pressingchallenges as leaders try to navigate
this complex world, as well aspressures they get from their own
investors and other stakeholders.
Companies often face near termfinancial sacrifices for longer term
gains. The uncertain policylandscape complicates these decisions.
(09:48):
If governmental dedication tosustainability falters, investment
confidence wavers. Still,those adopting climate tech early
might gain a strong edge.Speaking of new tech, how do you
see businesses leveraginginnovations to bridge this gap?
For me, seeing some of theprogress on the technology frontier,
(10:08):
everything from software andtools to help factories be much more
efficient to to advances innew energy technologies like fission
and fusion, to optimizinggrids and enabling us to roll out
renewable power in ways thatdeal with the intermittency challenges
(10:29):
what Octopus Energy is doingbut others as well I found that for
me, among the most energizingparts of this week. It's one of the
things that gives me hope. Toquote another quite famous leader,
Bill Gates has talked aboutthe need to create a negative green
premium, meaning creatinggreen technologies that are lower
(10:51):
cost than existingtechnologies as the only sustainable
pathway economically totransition and to decarbonize the
world. And I think this weekhighlighted for me both the urgency
to get to a negative greenpremium, but also the opportunities
and the technologies thatexist. What was your sense from the
(11:12):
sessions that you were able tolisten in on or learn about where
technology featuredprominently in driving climate and
sustainability? And are therespecific examples that you think
are interesting to highlightwhen it.
Comes to technology drivingclimate and sustainability? A standout
session focused on how AI andemerging tech can boost efficiency
(11:35):
and reduce emissions. Oneintriguing topic was how AI assists
in creating intelligent gridsthat enhance renewable energy reliability.
The ability to use satellitedata and AI for accurate emissions
tracking, as noted by VicePresident Al Gore, was also quite
enlightening. The combinationof AI with technology to build sustainable
(11:56):
business models by reducingcosts over time emphasized the economic
potential of green tech.
Gene, I want to shift toeconomic growth. Did you find Davos
this year optimistic on theeconomic outlook for 2025 and what
were the differences you heardfor either different geographies
or different parts of thebusiness world?
(12:18):
It seems Davos had a mixed bagregarding the 2025 economic outlook.
There's cautious optimism,especially about the US economy with
its tech investments andderegulation efforts. However, geopolitical
shifts and climate policydiscrepancies loom. Large emerging
markets show surprisingresilience and and India's rapid
(12:38):
growth sparks optimism. Yettrade tensions and tariff debates
paint a complex picture.
Yeah, I've been referring tothis as high base, high beta. For
me, the base case for economicgrowth this year, particularly in
the US but as you say, notjust the us, other parts of the world
as well, is really quite good.And on the flip side, the uncertainty,
the beta is also high. If Ijust take the US as one example,
(13:05):
the combination of potentialimpact of if there, if there were
to be, we don't know yet, ifthere were to be high tariffs, if
there were to be a lot ofdeportations at a time that the labor
market is tight, if deficitswere to increase, those things could
spark higher inflation orhigher interest rates. And so I think
(13:26):
that that combination of abase trajectory, which is really
pretty good, combined with theuncertainties of all the various
dynamics in the world, willcreate for a quite interesting year.
Gene, I actually want toshift. I think you've done a really
nice job synthesizing some ofthis week's key themes. Just let
(13:47):
me ask, were there any othertopics that came up that we haven't
talked about yet and that youfound particularly interesting?
Pandemic recovery strategiesExcite discussion plan Blending health
tech innovations with economicsolutions. Zelenskyy emphasized Europe's
strategic importance,advocating for defense investment
and tech leadership, whilecriticizing international complacency.
(14:10):
Meanwhile, Asia's dynamicgrowth and economic resilience showcased
at the ASEAN sessionshighlighted digital trade's rise.
Actually, Gene, I didn't getto join some of the sessions you're
referencing. Could you go abit deeper on the ASEAN session and
what you heard about digitaltrade and about the the economic
strength in asean. It's suchan important part of the world economy.
(14:32):
The ASEAN sessions were ahighlight at Davos, showcasing digital
trade and robust economicgrowth led by Vietnam's impressive
performance. With digitaltrade expanding three times faster
than goods trade, ASEAN'sfocus is on connectivity and digital
economy advancement.
It's interesting, all of ourtrade work suggests that ASEAN is
(14:53):
going to be one of the bigwinners on trade over the next decade.
Over a trillion dollars ofincremental trade, both digital and
phys. So the rise of ASEAN wesee as likely to continue. And given
its unique position andability to work with all parts of
the world, including bothChina and the US where many others
struggle, it should be poisedto be an even stronger engine for
(15:17):
world growth over the comingyears. Gene, let me shift back to
AI for a second. We talkedabout the business opportunities
from adopting AI, but wedidn't talk about some of the other
challenges that you knowaround AI keeping it safe, the regulations,
(15:37):
ethics, equitable access. Ididn't have a chance to join those
sessions in Davos, but I knowthat was a big subject of conversation.
What were your takeaways onthose fronts from the conversations
I wasn't able to join.
AI safety and regulationssparked significant debate focusing
on customer data protectionand inclusivity. Discussions highlighted
(16:00):
the importance of industrywide standards to prevent misuse
of AI. It's encouraging to seethe push for transparency and shared
regulations. How do you thinkcompanies can strike a balance between
rigorous AI oversight anddynamic innovation?
I think this is a continualchallenge and a lot of our recent
work has often focused on AIgovernance, not just pursuing AI
(16:24):
opportunities, which startswith a business perspective, not
just a technologistperspective because it's often business
leaders who can spot the risksand the second order consequences.
It also requires recognizingthat building an AI product is not
like building a piece ofsoftware. It's like building a regular
(16:44):
product in that, you know youneed to understand how consumers
or businesses are actuallyusing it. Have a lot of real life
experience in your belt, underyour belt before you roll it out
broadly to ensure the safetyand the appropriateness of what they're
introducing in the AI space.Thanks Gene for all your insights
today. I found it reallyinteresting and appreciate it because
(17:07):
you got to see a lot of thingsthat I didn't get to see. My sense
of this year's Davos more thansome recent ones. It was a more balanced
agenda across geopolitics,macroeconomics, AI and still some
focus on climate andsustainability, if a bit less than
in some recent years, and anunderlying sense of optimism, perhaps
(17:28):
more than people expectedwalking into the week. Obviously
we'll see how that plays outacross 2025, but it gives me some
encouragement for what wemight see in the months ahead. Thank
you very much for joining me today.
Thanks for listening to thisspecial edition of BCG's Imagine
(17:48):
this. We'll be back with newepisodes in a few weeks when Jean
and I will be joined by BCG'sNeil Zuckerman for a chat on the
future of media and the news.
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