Sunday, 1 February 2009

Davos finds no answers to crisis

Davos finds no answers to crisis

By Tim Weber
Business editor, BBC News website, in Davos

South African Archbishop Desmond Tutu
South African Archbishop Desmond Tutu spoke of cutthroat competition

The World Economic Forum has ended with a call to rebuild the global economic system.

For five days, more than 2,000 business and political leaders discussed what some here called the "crisis of capitalism".

However, most discussions described the problems, not solutions.

The forum's official theme this year had been "shaping the post-crisis world", but that turned out to be premature.

One top money market manager said: "If you believe that the world economy will turn the corner at the end of this year, or in [the first quarter] of 2010, I tell you we have not turned the corner, we can't see the corner, we don't even know where the corner is."

Digged from BBC

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New concept:

crisis of capitalism