Profit.ro Annual Gala – CRISIS OPPORTUNITIES

Special guest: LAWRENCE SUMMERS

An expert in economics and an authority on international finance, Larry Summers is one of the most listened-to voices in analyzing the issues and policies affecting the global economy. His comments still influence political and economic decision-makers, remaining for decades one of the most respected figures in the American economy. Prior to being appointed Director of the National Economic Council at the White House in the Obama Administration (2009-2010), Larry Summers was Secretary of the Treasury during the Clinton Administration (1999-2001), President of Harvard University (2001-2006) and Chief Economist of the World Bank. His tenure at the US Treasury coincided with the longest period of sustained economic growth in American history. He is the only Treasury Secretary in the last half century to leave office with the national budget in surplus. He anticipated the current inflationary crisis at a time when many economists still saw the phenomenon as transitory. Last year, months before the Federal Reserve began raising interest rates to fight inflation, Larry Summers warned that inflation was already a problem and would get much worse in 2022. His predictions were correct, inflation exceeded in USA 8.3%, a maximum of the last 4 decades. Summers believes the reality could be even worse than the official figures show, and only a massive economic contraction could help control prices. During his time in the Obama Administration, Larry Summers was a key factor in economic decisions and continues to be called upon as the number one resource for the most pressing economic debates of the day.

Special prizes, in a special year

• Society and the economy changed dramatically after several crises hit in waves. The coronavirus pandemic, with activities closed and with effects difficult to overcome for many businesses, was followed, almost immediately, by an energy crisis, huge inflation and a war on the country’s borders that brought new turbulence to the economy.
• Entrepreneurs were forced to move quickly from expansion plans, to survival strategies, then reinvention to adapt to the new context. Some have also managed to find growth opportunities in an environment where new needs to cover, new problems to solve have arisen. More than ever, the idea of solidarity, support, involvement in helping fellow men appeared.
• This year, the awards take into account the special post-pandemic and crisis context. They will go to those entrepreneurs and managers who faced special challenges during this period, who overcame difficulties with ingenious solutions, who got involved with visible effects in the life of the community, who helped the economy and society through what they created, by what they innovated or by what they offered.

Selection criteria:

• Innovations and ideas that solved problems or covered needs in the new difficult economic context;
• Solutions to adapt and reinvent the business in an environment full of uncertainty;
• Social involvement and impact on the community in times of crisis;
• Agility in business decisions; Investments inspired in the new economic and social context;
• The evolution of financial indicators, evaluated in the context of market pressures;
• Important transactions made; Expansion into new markets.

The event will be LIVE on the Profit News TV channel, www.profit.ro and Facebook Profit.ro