The feeling is the same as the day after drinking in Davos, even though the real party hasn’t even started yet. Yesterday was effectively the first day of the annual World Economic Forum Winter Meetings in the Swiss mountain resort, which marks the return of glitzy high-level parties and discussions after a three-year hiatus. A record number of business leaders have made the journey to get there, while commercial, private and government aircraft passing through Zurich airport suggest overall attendance is at pre-coronavirus levels. However, the direction of the future is foggier than ever, and just as unclear among those who will chart it.

Those who were absent from last year’s humble gathering in Davos in May have returned. JPMorgan CEO Jamie Dimon, who frequents the forum, joined other banking industry leaders including Goldman Sachs’ David Solomon and Morgan Stanley’s James Glorman. Chevron CEO Mike Wirth and BP’s Bernard Looney will represent the revitalized oil companies. In total, about 2,700 leaders from 130 countries, including 370 public figures, are expected to attend the World Economic Forum.

However, the apparent return to normality, as usual, only serves as a stark illustration of the changes that have taken place since the last full gathering of the Davos elite. The global pandemic and Russia’s invasion of Ukraine have added friction to an already shaky globalized world. The political leaders responsible for shaping the new order of things declare themselves absent, like US President Joe Biden, in contrast to his predecessor. Meanwhile, although several members of the US Congress are expected to come to Davos, they are unlikely to be widely known on the international stage. China’s senior official and representative is Vice Premier Liu He, while British Prime Minister Rishi Sunak, who is fighting a slowdown in the economy and public sector strikes, will also be absent. On the Davos Promenade, shop windows show the difference. Poland and Indonesia have a prominent presence, but other national delegations are cautious. Saudi Arabia has some prominent banners promoting NEOM, its futuristic economic zone. The United Arab Emirates preach tolerance.

Cryptocurrency companies that have participated in previous rallies have largely remained suspiciously silent while they appear to have been replaced by companies promoting related blockchain technologies. The street scene is dominated by established technology companies such as Workday, Salesforce, Cisco, Qualcomm and Meta Platforms. Perhaps the most impressive newcomer is British football club Manchester United, who are looking for a buyer.

This change reflects a more insular and less unified world. As large companies diversify their supply chains, governments and regions compete fiercely to win them over. Biden’s deflationary legislation cuts subsidies to American manufacturing, encouraging governors like J.B. Pritzker of Illinois to lure investment into their state. The World Forum and its founder Klaus Schwab have recognized these trends and have renamed this year’s meeting Collaboration in a Fragmented World.