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.
HT Image
HT Image
Updated on Jan 27, 2011 11:29 PM IST
Copy Link
Hindustan Times | ByDipankar Bhattacharyya, Davos

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.

SHARE THIS ARTICLE ON
Close Story
SHARE
Story Saved
×
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Wednesday, July 06, 2022