World Economic Forum opens in Davos

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Source: CCTV.com | 01-24-2008 08:53

Sober assessments of the global economy's future health are expected to dominate the opening of the annual World Economic Forum in Davos.

Logo of the World Economic Forum. The annual Davos  gathering of the world's political and business elite  opens Wednesday with the already gloomy atmosphere  further soured by near-panic conditions on world stock  markets. (AFP/Joel Saget)

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 needed.

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.

People walk in the congress center in Davos. (AFP/Joel Saget)

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.

Editor:Zhang Pengfei