Davos forum closes upbeat today

The world economic forum wraps up in Davos Switzerland today. CCTV correspondent Jack Barton reports on what conclusions the world's best financial minds arrived at as political and business leaders try to address the world's challenges.

The world economic forum is winding up in Davos.

So what were the outcomes?

Overall there was a consensus that global growth may dip a little in comparison to 2010 but will remain strong.

Professor Joseph Stiglitz, Nobel Prize Winning Economist, said, "The reason for that is the strength of the emerging markets China India, Asia and Latin America".

So what about the advanced industrial countries?

Professor Joseph Stiglitz, Nobel Prize Winning Economist, said, "The advanced industrial countries Europe and the united states are going to be suffering from a malaise. There will be growth but it will be to weak to do much about the pervasive unemployment".

With consumers now spending again the recovery is also fuelling inflation right across the globe.

Pascal Lamy, WTO Director-General, said, "We are period of medium to long term rising in food prices and commodity prices for the basic reason that demand is growing faster than supply".

The forum did not deliver any answers on how to lower inflation without dampening the recovery in the US and Europe or what balance of stimulus or austerity measures are needed.

George Soros, Chiarman of Soros Fund Management, said, "Both continents have a problem of too much debt at the time when they have unemployment so how much to restrict and how much to stimulate is very very difficult to decide".

What everyone agreed on was that Europe, the US and Asian giants like China and India would all need to learn how to work together as global partners with mutual risks and benefits.

George Soros, Chiarman of Soros Fund Management, said, "The global system may not survive when you have different people may not survive when you have different people pulling in different direction. That is the real danger".

"So overall a sense of economic optimism here with continuing growth in Asia and a slow recovery in the west.And if even if the economic outlook for Europe was sometime bleak, the view here was always magnificent".

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