The World Economic Forum Annual Meeting 2013 was marked by upbeat economic outlook. During the four-day summit speakers were stressing that the worst is behind.
However, there are flies in the ointment. UBS Chairman Axel Weber pointed out a possibility of unexpected events in Germany; Christine Lagarde, head of the International Monetary Fund, described the recovery process as “fragile and timid”; in his turn, Li Daokui, one of the most influential economists in China, mentioned the disagreements in the USA over its debts as a key risk to the global economy.
"In the Eurozone we have had promises of action… In the USA, my observation is that we've not even had promises," said Li in a brusque manner. He thinks a wave of investor panic caused by the 2011 stock market fall may well reoccur unless the USA solves its troubles.
Axel Weber is also worried. "My fear is that 2013 will be a repeat of 2012," UBS Chairman explained.
Meanwhile, the US House of Representatives passed a bill to extend the country's debt limit by four months until May. In fact, it means that the problem of US fiscal cliff has not been settled, moreover, there will be no solution to it for almost half a year more.