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What you need to know about Davos on Thursday

By Kathryn Lurie

DAVOS, Switzerland, May 26 (Reuters) - Davos' attendees were left grasping for a new lexicon amid growing challenges to globalization as the World Economic Forum ended on Thursday. Here's what you need to know:

NEW BUZZWORDS

World leaders, financiers and CEOs said they were leaving the WEF with an urgent sense of the need to reboot and redefine 'globalization.'

The framework of open markets that has shaped the last three decades of commerce and geopolitics looks increasingly wobbly as trade spats fan economic nationalism, a pandemic exposes the fragility of global-supply networks and a war in Europe could reshape the geopolitical landscape.

Throughout the gathering, attendees clutched at new euphemisms for describing a new style of globalization, with "multilateralism" a favourite among buzzwords including "reshoring", "friendshoring", "self-sufficiency" and "resilience".

'GET YOUR CRYPTO HOUSE IN ORDER'

The cryptocurrency firms lining the Promenade in Davos this week were told they will need to clean up their act before gaining complete acceptance by WEF attendees.

"The future of crypto, I'm sorry to say, looks regulated to me," said Nela Richardson, senior vice president and chief economist for human resources software provider ADP. She said she thinks central banks will step in to provide oversight.

Blockchain and crypto firms blitzed Davos with parties, briefings and panels on the sidelines of the main conference, with the hope of gaining credibility and inking deals with companies ranging from Tyson Foods to Salesforce also perched on the promenade.

BACK TO THE SNOW

The WEF will revert back to January for its 2023 annual meeting in the Swiss ski resort of Davos after moving to the spring for the first time due to the COVID pandemic.

After a hiatus of more than two years, the annual gathering this year attracted a mix of global political and business leaders, who met amid the usual high security.

By returning to the start of the year, the privately funded WEF hopes to regain its place where the global agenda for the months ahead is discussed and in some cases set. (Editing by Leela de Kretser and Nick Zieminski)