Movers and shakers stymied by economy

Insight on the News, Feb 18, 2003 by Jamie Dettmer

This year's World Economic Forum in Davos, Switzerland, was a sorry affair. The annual get-together of global movers and shakers in business and politics was in the 1990s a boastful affair where the great and the good pontificated about the virtues of globalization and earnestly discussed how to make up for its shortfalls. But this time there was as much anger within the forum as out on the barricades, where antiglobalization protesters proclaimed their wrath.

The self-confidence--some would argue self-righteousness--of forum participants in past years has been knocked severely by the global recession and the failing efforts to reach the solid ground of recovery. Many industry bigwigs decided not to attend this year, being far too busy concentrating on improving or saving their businesses. Of those who did attend, many decided to maintain a low profile.

This attitude was especially strong among the technology titans. Most accepted during panel discussions the idea that the growth rates their industry enjoyed in the 1990s are unlikely ever to be experienced again. According to Hewlett-Packard's Carleton Fiorina, technology is "more woven" into society now. Other chief executive officers wondered aloud if the consuming public has bought most of the equipment they ever are going to need.

Few corporate bosses were willing to hazard any predictions of when the global economy might shake off the doldrums.

JAMIE DETTMER IS A SENIOR EDITOR FOR Insight.