Davos Economic Summit - ERDAL TANAS KARAGÖL

Davos Economic Summit

The World Economic Forum, known as the Davos Summit, has been accepted as one of the prominent summits in the international arena. This summit, which is attended by representatives from politics, economy, business and nongovernmental organizations, has actually been a representation of world decision makers on the micro level in Davos.

The Davos Summit serves as a platform for discussion of the world's most prominent issues. Political, economic and social issues can be included in the summit without differentiating between regions or countries.

The outstanding titles in the Davos Summit, which has been going on since 1971 and has been arranged for the 46th time this year, are the slowdown in the growth of the Chinese economy, terror, the refugee problem, economic problems in Europe, removing the sanctions on Iran and the fall of oil prices.

Actually, since the Davos Summit is an economic forum, the global economy is discussed primarily. But in spite of the economic character of the summit, the titles of the topics indicate that crucial recent problems will be discussed in Davos without considering whether they are related to the economy or not.


Davos has a different significance for Turkey. The expression of Davos and Turkey in the picture of memories is the “one minute” incident.

In a 2009 Davos Summit session that President Recep Tayyip Erdoğan attended, he reacted to the massacres of Israel in Palestine and while expressing his reaction the “one minute” expression he used has been a slogan that gave hope to the underdeveloped and developing countries.

Thanks to President Erdoğan, this reaction to the Palestine issue has been carried to the world agenda at the highest level.

The process that started by emphasizing a matter as important as the Palestine issue in a platform like the Davos Summit, which is written with economic codes, again continued with the G20 Summit in Turkey's term leadership.

After G20, the ongoing refugee crisis being one of the headlines discussed in Davos also shows Turkey's contribution to resolution of continuing global issues.

The Western countries, which ignored the refugee problem for a long time, thought that the problem would only cause regional damages. But the problem has grown so much and become uncontrollable that the refugee problem became the problem of all EU countries, the US and even all developed countries.

The Davos Summit is a platform where Turkey can tell what it has been doing to date as the country that opened its doors to Syrian refugees, who have become the biggest refugee problem in the world. Also in the suggestions for the resolution of the Syrian refugees, who the European countries especially consider an economic and social threat, Turkey's experiences are gaining importance.


The outstanding and most important topic to be discussed in Davos is Iran's integration process with the global economy and what will happen to the already falling oil prices after the removal of sanctions on Iran.

Iran, which is finally free of the pressure of the sanctions, with a big appetite, will show an effort to make itself a destination for foreign investments. Because Iran needs and has a desire to make big infrastructure investments, start the industrial moves that it postponed and change and transform its economy.

The area in which Iran most wants to start a new period in its economy is oil.

Due to the sanctions, Iran had to withdraw from the markets it exported to and experienced a period that weakened its ties with the world in the energy sector, which was its biggest source of income.

With the removal of the West's sanctions on Iran at a time when oil prices would stop is being discussed, as the new-game changing actor, Iran has been counting down to be able to enter the oil market.

This situation rings alarm bells, which have already been tolling for petroleum exporting countries.

Thus, a tough competition will begin between Iran and petroleum-exporting countries, especially Saudi Arabia.

All this means that oil prices will fall further.

As oil prices move toward $20 per barrel, not taking any steps to prevent this fall will cause us definite problems in a different way in the new period.

The problem is no longer “oil shortage,” but “oil surplus.”



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