03/28/2008 02:45 am ET Updated May 25, 2011

Recession Fears Dominate Davos

The annual Davos gathering of the world's political and business elite opened Wednesday, dominated by the deep cut in US interest rates aimed at preventing recession and supporting world stock markets.

In recent years the annual meeting in the Swiss ski resort has been against a backdrop of bumper corporate profits, strong economic growth and tame inflation.

But as the 38th World Economic Forum opened the global economy is now faced with huge slides in stock markets, slowing growth, the subprime crisis and increasing oil, food and other commodity prices.

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