The green trade row dividing the Davos elite

There has been a change of climate in the Alps this winter, and it's not just that the snow has finally fallen after an unseasonably warm December. Chief executives and

government ministers from around the globe are gathering for the annual World Economic Forum (WEF) in Davos, Switzerland, where for the last three years the focus has very much

been on how to tackle the huge series of shocks that has hit the world economy. From the wet market of Wuhan, to the Kremlin's crazed calculations, pandemic and war have

conditioned a path of record inflation and surging debts, with a third of the world expected to be in recession this year. But there is some light at the end of the tunnel.

And however distant a ski resort full of global leaders may sound, WEF is the sort of place where you get a sense as to whether a three-year storm may start to

subside. There are some signs that the first indicators of surging inflation in the world economy are now beginning to normalise. Supply chains for the parts and ingredients

that make the products we buy have been repaired after getting gummed up during the pandemic. For example, Elon Musk's company Tesla attributed its decision to slash the

prices of its electric cars last week to this shift. Shipping costs are tumbling. And China's "great reopening" after the pandemic - the end of strict zero-Covid lockdowns and

restrictions - should, in theory, help the world economy, although the health costs of widespread infections might be so profound that it does not.