World Economic Forum opens in Davos amid economic turmoil

World Economic Forum opens in Davos amid economic turmoil

www.channelnewsasia.com

DAVOS, Switzerland : The annual Davos gathering of the world's political and business elite opened Wednesday, dominated by the deep cut in US interest rates aimed at preventing recession and supporting world stock markets.

In recent years the annual meeting in the Swiss ski resort has been against a backdrop of bumper corporate profits, strong economic growth and tame inflation.

But as the 38th World Economic Forum opened the global economy is now faced with huge slides in stock markets, slowing growth, the sub-prime crisis and increasing oil, food and other commodity prices.

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More bilderberg like meetings going on. Wonder what the outcome will be, if any

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