This transcript was produced using AI and subsequently edited for style and clarity. The edits do not alter the substance of the speaker’s remarks.

Well, thank you very much, Larry. It's great to be back in beautiful Davos, Switzerland, and to address so many respected business leaders, so many friends, a few enemies, and all of the distinguished guests. It's a Who's, Who, I will say that.

I've come to this year's World Economic Forum with truly phenomenal news from America. Yesterday marked the one-year anniversary of my inauguration, and today, after 12 months back in the White House, our economy is booming.

Growth is exploding, productivity is surging, investment is soaring, incomes are rising, inflation has been defeated. Our previously open and dangerous border is closed and virtually impenetrable, and the United States is in the midst of the fastest and most dramatic economic turnaround in our country's history.

Under the Biden administration, America was plagued by the nightmare of stagflation, meaning low growth and high inflation, a recipe for misery, failure and decline. But now, after just one year of my policies, we are witnessing the exact opposite, virtually no inflation, and extraordinarily high economic growth – growth like, I believe, you'll see very shortly, our country has never seen before, perhaps no country has ever seen before.

Over the past three months, core inflation has been just 1.6%. Meanwhile, fourth quarter growth is projected to be 5.4% far greater than anybody other than myself and a few others had predicted. Since the election, the stock market has set 52 all-time high records. So that's in one year, 52 records, adding $9 trillion in value to retirement accounts, 401(k)s and people's savings.

People are doing very well. They're very happy with me. Since my inauguration, we've lifted more than 1.2 million people off of food stamps. And after four years, in which Biden secured less than $1 trillion of new investment in our country. Think of that, 1 trillion substantially, less than that.

In four years, we've secured commitments for a record-breaking $18 trillion and we think when the final numbers come out, they'll be closer to $20 trillion of investment. That's never been done by any country at any time, not even close.

Just over one year ago, under the radical left Democrats, we were a dead country. Now we are the hottest country, anywhere in the world. In fact, the United States economy is on pace to grow at double the rate that was projected by the IMF [International Monetary Fund] just last April. And with my growth and tariff policies, it should be much higher – I really believe we can be much higher than that. And this is all great news, and it's great for all nations.

The USA is the economic engine on the planet. And when America booms, the entire world booms. It's been the history. When it goes bad, it goes bad, the whole… You all follow us down, and you follow us up. And we're at a point that we've never, I don't believe we've ever been, I never thought we could do it this quickly. My biggest surprise is I thought it would take more than a year, maybe like a year and one month, but it's happened very quickly.

This afternoon, I want to discuss how we have achieved this economic miracle, how we intend to raise living standards for our citizens to levels never seen before. And perhaps how you, too, and the places where you come from, can do much better following what we're doing. Because certain places in Europe are not even recognizable, frankly, anymore, they're not recognizable.

And we can argue about it, but there's no argument. Friends come back from different places – I don't want to insult anybody – and say, ‘I don't recognize it,’ and that's not in a positive way. That's in a very negative way. And I love Europe, and I want to see Europe go good, but it's not heading in the right direction. In recent decades, it became conventional wisdom in Washington and European capitals that the only way to grow a modern Western economy was through ever increasing government spending, unchecked mass migration and endless foreign imports.

The consensus was that so-called dirty jobs and heavy industry should be sent elsewhere, that affordable energy should be replaced by the Green New Scam, and that countries could be propped up by importing new and entirely different populations from far-away lands.

This was the path that ‘sleepy Joe’ Biden administration and many other Western governments very foolishly followed, turning their backs on everything that makes nations rich and powerful and strong – and there's so much potential in so many nations.

The result was record budget and trade deficits and a growing sovereign deficit driven by the largest wave of mass migration in human history. We've never seen anything like it. Quite frankly, many parts of our world are being destroyed before our very eyes, and the leaders don't even understand what's happening – and the ones that do understand aren't doing anything about it.

Virtually all of the so-called experts predicted my plans to end this failed model would trigger a global recession and runaway inflation. But we have proven them wrong. It's actually just the opposite. In one year, our agenda has produced a transformation like America’s not seen in over 100 years.

Instead of closing down energy plants, we're opening them up. Instead of building ineffective money losing windmills, we're taking them down and not approving any. Instead of empowering bureaucrats, we're firing them, and they're going out and getting jobs in the private sector, for two and three times what they were making in government. So, they started off hating me when we fired them, and now they love me.

Instead of raising taxes on domestic producers, we're lowering them and raising tariffs on foreign nations to pay for the damage that they caused. In 12 months, we have removed over 270,000 bureaucrats from the federal payrolls – the largest single-year reduction in government employment since the end of World War Two. Nobody thought that was coming, but we had no choice. To make a country great, you can't have all federal jobs.

We've cut federal spending by $100 billion and slashed the federal budget deficit by 27% in the single year. It's going to go down quite a bit more from that, driving inflation way down from the record highs of the Biden administration. Every month they went up and up and up. I promised to cut 10 old regulations for every single new regulation, but instead I've cut – actually, till this point – 129 regulations for every one new regulation approved. So, every time they come in with a new regulation, we do at least 10. But so far, it's averaging out to 129, if you can believe it.