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Power shifts visible at WEF

Russian President Dmitry Medvedev inaugurated the World Economic Forum's annual summit on Wednesday with a plea for investments in his country. Dipankar Bhattacharyya reports.

business Updated: Jan 27, 2011 23:29 IST
Dipankar Bhattacharyya

Russian President Dmitry Medvedev inaugurated the World Economic Forum's annual summit on Wednesday with a plea for investments in his country. His call was answered within 24 hours: ExxonMobil announced a $1 billion deal to prospect for oil with Rosneft in the Black Sea, symbolising Russia as a frontline economy.

The two events capture the new economic reality that is being discussed in the salons of the Congress Centre at Davos.

The world in 2011 would grow at three speeds with emerging economies clocking 6%, the US 3% and Europe 2%, said Zhu Min, special adviser to the International Monetary Fund. This is likely to influence investment decisions this year.

French President Nicolas Sarkozy, head of the G20, saw risks in debts countries had piled up in their attempt to spend their way out of the recession.