The IMF has trimmed its forecasts for global economic growth this year, casting a shadow over the opening of the World Economic Forum in the Swiss resort of Davos.

Organisers of the annual gathering of the rich and powerful had wanted this year’s event to promote a more cohesive and sustainable world, hoping to urge companies to embrace stakeholder capitalism rather than simply pursue profits. But the latest signs of economic fragility will force global leaders and chief executives to tackle the more immediate challenges of restoring growth and confidence, rather than focusing on how to address climate change.

Ahead of the start of the WEF on Tuesday, the IMF cut slightly its global economic growth forecast for 2020 from 3.4 per cent in October to 3.3 per cent and reduced the forecast for next year from 3.6 per cent to 3.4 per cent. These figures are only a little better than the 2.9 per cent achieved in 2019, the worst year for the global economy since the financial crisis more than a decade ago.