topics
tools
Expatica countries
Index Last Var.(%)
BEL 20 2281.62 -1.00
DAX 6741.58 -0.37
IBEX 30 8783.6 -0.88
CAC 40 3390.12 -1.10
FTSE 100 5882.31 -0.32
AEX 324.37 -0.60
DJIA 12862.23 1.23
Nasdaq 2905.66 1.61
FTSE MIB 16292.96 -0.89
TSX Composite 12577.28 0.19
ASX 4364.6 1.03
Hang seng 20709.94 -0.23
Straits Times 2940.1 0.76
ISEQ 20 506.43 -0.10
You are here: Home News European News Swiss economist: crisis cost USD 5 trillion

European News

archive
Enlarge font Decrease font Text size


28/11/2008Swiss economist: crisis cost USD 5 trillion

Klaus Schwab announces a record presence of world leaders at January’s World Economic Forum meeting in Davos.

28 November 2008

PARIS – USD 5 trillion (CHF 6 trillion, EUR 3.9 trillion) were lost in the global financial crisis, the head of the Davos economic forum said Thursday as he announced a record presence of world leaders at the conference in January.

Russian Prime Minister Vladimir Putin will give the opening speech at the World Economic Forum in the Swiss resort on 28 January where the theme will be "Shaping The Post Crisis World", said its founder Klaus Schwab.

The Swiss economist, on a visit to Paris, said, "As it stands now, about five trillion dollars has been lost in the financial crisis and now has to be reconstituted" by governments.

The forum forecast the crisis in the financial system in its annual risk report at the start of 2008.

"I am not dramatically pessimistic about the future, just realistically pessimistic and I think there are also enormous opportunities in terms of using technology and changing the environment," Schwab told AFP.

He said the worst financial crisis since the Great Depression meant that the 39th annual Davos meeting would be the most important ever and it will have the biggest participation.

Schwab said there would be more than 160 heads of state, government and ministerial leaders among the 1,200 business, social and trade union leaders at the five day forum.

Putin was the only world leader whose presence was confirmed but forum officials said many leaders from the Group of Eight industrial powers and emerging economic powers were expected to attend.

The full list will be released in January.

[AFP / Expatica]


0 reactions to this article

Be the first person to add a comment

General rating: Not rated yet

Rate article:    Add my rating


0 reactions to this article

Be the first person to add a comment
Discussion Forums

Healthcare in the Netherlands

Insurance making you pay for the past!

Employment in the Netherlands

Any jobs for english speaking people with no special skills?

Student Forum The Netherlands

Native English speaking students in Utrecht - Employment.

Groups & Clubs in the Netherlands

Amersfoort Expats Social Group

Indians in the Netherlands

Relocating to Netherlands from US

participate in the forums

Inside Expatica
Setting up home in the Netherlands

Setting up home in the Netherlands

A guide to telephone, internet and television along with utility services water, electricity and gas in the Netherlands.

Dutch immigration and residency regulations

Dutch immigration and residency regulations

Lost in the Dutch immigration system? Look no further than this guide compiled for our Survival Guide 2012.

A brief introduction to the Netherlands

A brief introduction to the Netherlands

Expatica offers a whistle-stop tour of life in the modern Netherlands.

Giving birth in the Netherlands

Giving birth in the Netherlands

The challenges and benefits of the maternity system in the Netherlands and how it differs to other countries.