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Some optimism during gloomy mood of Davos 2009

James I Davison's picture

Chinese Premier Wen Jiabao as optimistically predicted his country’s growth in 2009. Image credit: worldeconomicforum at Flickr under a Creative Commons license.
I've seen quite a few stories this week about the World Economic Forum, which is entering its last two days in Davos, Switzerland. Not surprisingly, accounts coming out of the annual meeting have reflected the gloomy state of a global economy in the midst of financial crisis. Seems the event's past reputation of being a party for wealthy people and celebrities has been replaced with politicians, average government workers and others discussing – as the 2009 event has been dubbed – "Shaping the Post-Crisis World."

A story that stuck out at me came from the New York Times, which quoted Wen Jiabao, the Chinese premier, as optimistically predicting the country’s growth in 2009 at 8 percent. That’s pretty optimistic compared to many other economist predictions – some as low as 4 percent or less for the year.