Davos Elites- Global Economic Shift East/South

Davos Elites- Global Economic Shift East/South

Jan 26, 2011

Power in the global economy is shifting from the advanced world to Asia as recovery takes hold, Davos analysts said Wednesday, as political , business elites began their annual meeting.

“What is really happening is a slowdown 0f the western world , the growth 0f the emerging markets. This is a complete shift in the balance 0f power,” Azim Premji, chairman 0f Indian software maj0rWipro, told the opening panel.

“In 10 years, the economy 0f the emerging world will be … equal 0rslightly larger than the US economy,” added the billionaire at the World Economic Forum.

China’s highest ranking official at the International Monetary Fund, Zhu Min, said that global recovery was still being driven predominantly by Asian giants India , China.

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