Leaders warn at WEF

Economists and industry leaders at the World Economic Forum (WEF) meeting in Davos, Switzerland, have warned of weak recovery and over regulation of financial sectors.

According to the Chairman of Roubini Global Economics Monitor in the United States, it will be a U-shaped recovery. “There is a risk of a double-dip recession. Emerging market economies will do better than advanced economies,” said Nouriel Roubini.

He said labour market conditions remained very weak and credit markets weere still “very crunched”.

Panellists at the forums believe multilateral coordination of financial reforms and the rebalancing of the global economy will be hard to achieve.

Meanwhile, the world leaders have called for caution in designing economic exit strategies as the global economic recovery is still "tentative."

Team SA
Team SA, a partnership between South African business and government, will aim to position the country as "the next big thing." President Jacob Zuma earlier told the summit that the 2010 FIFA World Cup was an opportunity for the world to see and experience Africa in a different way.

"It is an opportunity to tackle stereotypes and preconceptions about the continent, and explore new frontiers of interaction and cooperation. It is an important milestone in the regeneration of the continent."

Minister of Trade and Industry, Rob Davies, said another agenda that the South African team will push is the inclusion of the African continent in the decision making.

He added that these so called "fresh solutions for a better world" are more often than not simple concepts with a tangible impact and require nothing less than thinking defined by seeing solutions and not barriers. – BuaNews