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PAKISTAN: LEARNING PRAGMATISM AT DAVOS by IKRAM SEHGAL.
IPR Strategic Business Information Database, January, 2008
A day before the start of the Annual Meeting of the World Economic Forum (WEF) at Davos, the world's economic equilibrium was shaken by stocks falling across the board from Hong Kong to New York. It required an unprecedented cut in lending rates by the US Federal Reserve (the Fed) to shore up the world's badly shaken markets.
Whether the recovery can be sustained is still in the future. The world's elite in commerce, finance and manufacturing were sombre but did not show apprehension of an imminent recession. Economic apocalypse did rear its ugly head frequently during discussions in panel after panel, all the economic geniuses who were proved thoroughly wrong neither showed any remorse nor for that matter, act sheepish. While die-hard optimists predict only a...
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