BEIJING, Jan. 24 -- Sober assessments of the global economy's future health are expected to dominate the opening of the annual World Economic Forum in Davos.
Two and a half thousand business and political
leaders from 88 countries have gathered at the famous Swiss ski resort.
The theme of this year's meeting is "The power of
collaborative innovation." Organizers believe that competing interests and
scarce resources remain the greatest obstacles to progress on the global agenda.
At his opening address, former British Prime Minister
Tony Blair said a constant process of reform and adjustment and adaptation is
Tony Blair, Co-Chair of WEF Annual Meeting 2008,
said, "I just think that in today's world there is a need for us constantly to
look at how we enter into new markets, maintain our competitive position, and
develop higher value-added goods and services, this is irrespective of what
happens at the moment."
High on the five-day agenda are global economic
uncertainties, the US sub-prime mortgage crisis and high energy prices.
In particular, many participants of the forum have
shown their concern on the US crisis, which has had a knock-on effect in other
parts of the world.
Henrik Normann, Denmark's Danske Band, said, "You can
see liquidity reasons increasing, you've seen Northern Rock, plummeting house
prices in the U.K. Something is happening, risk premiums are going up, but will
it be a full blown recession, or will Asia drag us out of that? We don't know.
That's why this conference is so interesting."
The Forum will also touch on other issues affecting
the world in 2008 and beyond, including combating terrorism and climate change,
as well as pursuing a workable peace agreement in the Middle East.
Economists in Davos warn of U.S.
DAVOS, Switzerland, Jan. 23 (Xinhua) -- The U.S. economy,
troubled by the financial turmoil, is all but certain to fall into recession,
which could spill over to the whole world, economists warned at the World
Economic Forum on Wednesday. Full story