Davos 2026: Geopolitics Overshadows the Economic Agenda

The World Economic Forum in Davos, held from January 19 to 23, 2026, has emerged as a major international platform where economic discussions are increasingly eclipsed by geopolitical confrontation. Despite its declared emphasis on dialogue and cooperation, the forum is unfolding amid heightened global tensions, deepening transatlantic disagreements, and overt political signaling that goes well beyond traditional economic themes.

The forum has brought together around three thousand participants from more than 130 countries, including dozens of heads of state and government, senior ministers, leaders of international organizations, central bank governors, and executives of major corporations. Formally, the agenda focuses on global economic stability, technological transformation, artificial intelligence, climate issues, and sustainable development. In practice, however, the dominant discussions have centered on political conflicts and the redistribution of power in the international system.

One of the key drivers shaping the atmosphere in Davos has been the presence of U.S. President Donald Trump and a large American delegation. His participation has given the forum a distinctly political tone. On the sidelines of the meetings, attention has shifted away from macroeconomic forecasts toward Washington’s foreign policy priorities, including pressure on allies, Arctic security issues, and disputes surrounding Greenland. These topics have generated visible unease among European leaders and have become a focal point of both closed-door talks and public statements.

Transatlantic tensions have emerged as one of the defining lines of the forum. Representatives of the European Union and individual EU member states have openly criticized unilateral approaches that they argue undermine international law and collective security. In several speeches, European leaders warned of a drift toward a world without clear rules, where power politics and coercion risk replacing established norms and institutions.

Against this backdrop, the European Commission announced preparations for a comprehensive package on Arctic security and investment, aimed at strengthening Europe’s strategic position in the region and supporting northern territories, including Greenland. This initiative is widely viewed as a direct response to increased U.S. assertiveness and as a signal that the EU is prepared to defend its own strategic interests.

Economic discussions have continued, but they have largely receded into the background. Sessions have addressed the risks of slowing global growth, disruptions in supply chains, and the challenges of integrating artificial intelligence into real economic processes. Business leaders have acknowledged that a significant share of investments in AI has yet to deliver tangible returns, citing structural and human capital constraints. Calls have been made for a more realistic assessment of technological expectations and for broader measures of economic success beyond traditional GDP indicators.

Alongside the official program, the forum has been accompanied by public dissent. In Switzerland, particularly in Zurich, large demonstrations were held against Trump’s participation and against Davos itself as a symbol of a closed global elite. Protesters criticized the concentration of economic and political power and demanded greater transparency and accountability in global decision-making.

Another sign of the prevailing instability has been the reduced or cancelled participation of several leaders, who cited domestic crises or ongoing conflicts as reasons for their absence. This has underscored the extent to which global turbulence now directly affects even long-standing international forums traditionally presented as neutral or technocratic.

Overall, Davos 2026 illustrates a clear transformation of the World Economic Forum from a primarily economic gathering into an arena of geopolitical rivalry. While economic issues remain on the agenda, they are increasingly subordinated to broader struggles over influence, alliances, and the future shape of the international order. The debates unfolding in Davos are expected to have implications that extend well beyond the forum itself and its formal conclusion.