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U.S. Economy Dominates Davos Summit
by
findingDulcinea Staff
World Economic Forum participants in Davos eye the U.S. economy warily and anticipate an increasing global role for developing countries.
30-Second Summary
U.S. billionaire investor George Soros said that a recession in the United States and Britain is likely, the BBC reported. Soros, who is attending the World Economic Forum in Davos, Switzerland, said he approved of the U.S. Federal Reserve's emergency rate cut on Tuesday, which was followed by an upswing in the financial markets.
“You do have to rescue markets otherwise you would go into a depression, as you did in the 1930s,” Soros told the BBC. Soros also said that the current economic woes are a sign that global economic power might be shifting toward developing economies.
Most panels and workshops at this year’s edition of the forum focus on the U.S. economy.
According to a survey of top chief executives, economic recession is feared by most U.S. executives. By contrast, leaders from developing economies are confident of continued economic growth, with 90 percent of Indian executives saying that they are “very confident.”
Whether America will preserve its economic leadership is one of the main subjects at the forum. A WEF workshop is titled “When the United States Sneezes, Does the World Still Catch Cold?”
A Philadelphia Inquirer columnist says global leaders’ answers tend toward the negative. America’s leadership might be history, she writes.
“You do have to rescue markets otherwise you would go into a depression, as you did in the 1930s,” Soros told the BBC. Soros also said that the current economic woes are a sign that global economic power might be shifting toward developing economies.
Most panels and workshops at this year’s edition of the forum focus on the U.S. economy.
According to a survey of top chief executives, economic recession is feared by most U.S. executives. By contrast, leaders from developing economies are confident of continued economic growth, with 90 percent of Indian executives saying that they are “very confident.”
Whether America will preserve its economic leadership is one of the main subjects at the forum. A WEF workshop is titled “When the United States Sneezes, Does the World Still Catch Cold?”
A Philadelphia Inquirer columnist says global leaders’ answers tend toward the negative. America’s leadership might be history, she writes.
Headline links: Recession tops agenda
The billionaire investor George Soros told the BBC that economic recession in the United States and Britain would be “very difficult to avoid.” Soros also said that the turmoil in the West is a sign that economic power is shifting to the developing world.
Source: The BBC
Economists and political leaders are worried about the slowing of the U.S. economy. “The United States looks like an emerging market,” said American economist Nouriel Roubini. U.S. billionaire George Soros, who made money betting against the British pound in a past crisis, said that the balance of global economic power is shifting east while the turmoil signals the end of dollar’s dominance as a reserve currency.
Source: The New York Times
Global economic leaders fear an economic recession, according to a survey of top executives. However, leaders from developing economies do not share their U.K. and U.S. counterparts’ anxiety.
Source: The BBC
Opinion & Analysis: America and the Developing World
Economic anxiety is souring the party at Davos, writes Mark Sandler for The New York Times. The gloom is so pervasive it has even sidelined politics.
Source: The New York Times
America might be yesterday’s news as a global economic power, writes Trudy Rubin in a Philadelphia Inquirer column. Developing economies may be able to take the lead in maintaining global economic growth.
Source: The Philadelphia Inquirer
A Financial Times report on the Davos summit called it “an improbable event” – “partly a talking shop, partly a global policy forum, partly a venue for a bout of parties and dinners, partly an excuse to escape the office.” Economist Klaus Schwab, founder of the forum, created an event that is “newsworthy as well as worthy,” The Financial Times reported.
Source: Financial Times
Reference: World Economic Forum basics
The World Economic Forum, an annual summit that draws hundreds of economic and political leaders, celebrities, campaigners, religious heads and trade union bosses, from around the world, rejoices in the slogan “committed to improving the state of the world." This year’s theme is “The Power of Collaborative Innovation,” but the workshops and talks are dominated by talk of economic anxiety and political tensions.
Source: The BBC
Reuters has a slideshow on who’s who at the World Economic Forum in Davos, Switzerland.
Source: Reuters
Related links: Rice says U.S. willing to talk to Iran
Although the economy is at the forefront of discussions at the World Economic Forum, Condoleeza Rice brought in politics on the agenda by saying the United States is prepared to talk to Iran.
Source: Reuters
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