German Chancellor Angela Merkel (R) shakes hands with World Economic Forum (WEF) Founder and Executive Chairman Klaus Schwab during a plenary session at the 49th annual meeting of WEF in Davos, Switzerland, on Jan. 23, 2019. "I believe that multilateralism is indispensable for the prosperous development of the world," Merkel said here Wednesday. (Xinhua/Xu Jinquan)

"I believe that multilateralism is indispensable for the prosperous development of the world," German Chancellor Angela Merkel said here Wednesday.

Delivering a speech at the annual meeting of the World Economic Forum (WEF), Merkel reminded the impact of the slowdown of global economic growth on the existing multilateral system, noting that the current forecasts showing declining growth rates lead to a number of "disturbances and uncertainties in the multilateral system."

She said that the disruptions in the multilateral system put the international order under pressure, which the international institutions should consider a "warning shot".

Germany is looking for allies to strengthen multilateralism, Merkel said, stressing that "everything else would lead to misery."

The German chancellor also called on reform of international organizations such as the International Monetary Fund (IMF) and World Bank, to reflect the new balance of power in the world.

Attended by over 60 heads of state or government, 40 international organization heads and 1,700 business leaders, the four-day WEF meeting kicked off on Tuesday. It is themed "Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution".