2012-01-25 12:46:29

World Economic Forum gets underway in Davos


Some of the world's top CEOs are admitting that capitalism is worsening inequalities, but they say it's better than any alternative. The remarks kicked off talks at the World Economic Forum in the Swiss ski resort of Davos Wednesday.
The Swiss setting maybe picturesque but the economic climate is anything but.

The annual World Economic Forum in Davos is underway but the corporate executives gathered are grappling with major issues such as the struggling euro currency, fears of a return to recession and the loss of momentum in developing economies.

Over the next few days representatives from 19 of the G20 countries, including heads of government from Mexico, South Africa and the United Kingdom will be exchanging views and trying to come to grips with a frayed global system under the theme “The Great Transformation: Shaping New Models”

There will also be participation from over 2,600 leaders from government, academia, business and civil society

Lee Howell is Managing Director and Head of the Centre for Global Events at the Word Economic Forum, he says the focus will be on addressing major structural challenges in the global economy.

With the start of this forum also comes a warning from its founder Klaus Schwab who says capitalism is out of sink and welcomes critic’s idea’s of how to mend it such as those of the Occupy protest movement who are camped out in their igloos in Davos.

He adds that he wants this year's forum to place particular emphasis on ethics and resetting the moral compass of the world's business and political community. Listen to Lydia O'Kane's report RealAudioMP3











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