[QODLink]
Europe

World’s business elites set for Davos

Five-day summit to discuss the embattled European economy.
Last Modified: 22 Jan 2013 13:49

The world's financial and political elite are getting set to meet in the Alps this week for 2013’s World Economic Forum in Davos, Switzerland.  

Davos is the venue for an annual gathering of more than 1,500 business leaders from nearly 100 countries and up to 50 heads of state and hundreds of companies that starts on Wednesday.

The economy is in a much better state than it was last year, and fear of a collapse of the euro currency union has been avoided. Stocks are off to a running start in the new year. Yet the global economy is expected to remain sluggish in 2013, with two of the biggest economies, the euro alliance and Japan, in recession.

There's also a risk that the United States, the world's largest economy, may slash government spending, a step that could dampen the world economy. Few think global economic growth will even match last year's tepid 3.3 percent.

Despite that, as fear of a catastrophe has eased, optimism appears to have taken hold among investors.

Al Jazeera's Stephen Cole reports from Davos.

179

Source:
Al Jazeera and agencies
Topics in this article
People
Country
City
Organisation
Featured on Al Jazeera
Swathes of the British electorate continue to show discontent with all things European, including immigration.
Astronomers have captured images of primordial galaxies that helped light up the cosmos after the Big Bang.
Critics assail British photographer's portrayal of indigenous people, but he says he's highlighting their plight.
As Western stars re-release 1980s charity hit, many Africans say it's a demeaning relic that can do more harm than good.
Featured
No one convicted after 58 people gunned down in cold blood in 2009 in the country's worst political mass killing.
While hosting the World Internet Conference, China tries Tiananmen activist for leaking 'state secrets' to US website.
Once staunchly anti-immigrant, some observers say the conservative US state could lead the way in documenting migrants.
NGOs say women without formal documentation are being imprisoned after giving birth in Malaysia.
Public stripping and assault of woman and rival protests thereafter highlight Kenya's gender-relations divide.