US Sneeze Doesn't Spook Many at Davos

Economic power shift has many world execs cheery about prospects
By Jonas Oransky,  Newser Staff
Posted Jan 23, 2008 5:01 PM CST
US Secretary of State Condoleezza Rice waits for her call on stage before addressing the opening plenary session on the first day of the Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland,...   (Associated Press)
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(Newser) – Bigwigs spooked by the downturn in the US economy aren't spreading their usual cheer at the World Economic Forum in Switzerland, Fortune reports, but many other Davos attendees are smiling. Representatives say the Indian and Chinese economies are strong enough to weather recession; many agree with George Soros that “the current crisis is the end of an era based on the dollar.”

The moping among Americans is unusual, but a survey of CEOs from around the world still finds 50% are “very confident” about revenue growth this year (down from 52% last year). Indeed, it might just be that financial power is moving on from American pastures as the balance of world economic power tilts away from its current dominant force. The five-day forum got under way today.