Europe could become leader in terms of privacy and data protection. The General Data Protection Regulation (GDPR) law, implemented in May 2018, has been welcomed by Europe’s citizens and increasingly by large data driven businesses, like Apple. Data protection and privacy is to become a business model. According to experts, self-regulation won’t be sufficient. Google was just fined USD 57m for violating GDPR rules. America and Asia are lacking such comprehensive regulations.
It’s still uncertain what is happening with Brexit, either uncontrolled exit, which Labour opposes, or a new referendum, which both sides have ruled out from the beginning. What can be seen, however, are already changes in the attractiveness of Britain’s labour market. There is a sharp decline in labour inflows to Britain. According to LinkedIn, also skilled labour inflows have declined, though London still remains the most popular city for job searches in Europe, strongly followed by capitals like Berlin, Paris or Amsterdam. In terms of moving countries, however, Britain has lost market share of skilled immigration from within and outside Europe. Britain wants to reduce immigration, but continue attracting skilled labour. Brexit hasn’t happened yet.
France and Germany are signing a new treaty that promises common positions and joint statements on major issues facing the EU and NATO. Although President Macron was much more ambitious with establishing a more integrated Europe, the new treaty won’t get that far. Especially German tax payer don’t like tighter fiscal integration and paying for poorer parts of Europe.
“Globalization 4.0” is the main theme. President Trump won’t attend, but Brazil’s new President Jair Bolsonaro will provide the opening address, holding a populist vision that mixes pro business policies with hardline social views. Over 60 heads of state/government will be in Davos, in addition to 1000 CEOs; in total 3000 participants. Only three G7 leaders attending. IMF’s Christine Lagarde has already announced that a no-deal Brexit and China’s economic slow down are biggest economic risks. Yet, a global recession is not expected in 2019.
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