Davos participants mull economic crisis

January 29, 2009

Two years ago businessmen and leaders coming to the World Economic Forum in snowy Davos were still betting on economic expansion.

They got it wrong, but this has not put off about 2,500 CEOs and policy-makers from coming here in the hope of catching a glimpse of how the world will evolve.

“I am here to get an idea of where this crisis is going,” said Mario Moretti Polegato, Chairman and founder of Italian “no-sweat” shoe-maker Geox.

People have been coming to Davos since the early 1970s to “feel trends”, said Jean-Pierre Cuoni, chairman of private bank EFG International and a veteran at Davos.

“In 1988-89 you could already feel that Communism was coming to an end. People back home thought this was crazy. But only a year later the Berlin Wall fell,” he said while sipping a drink during a swanky reception at the Belvedere Hotel.

No one expects WEF participants to pull a solution to the crisis out of the hat in just a few days of discussions, but many feel the forum continues to be a great place to exchange ideas.

“The forum is needed now and these days more than ever,” Swiss President Hans-Rudolf Merz said as he addressed the forum on Wednesday.

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Davos 2009 Conference Shows The World At An Economic Crossroads……
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