GENEVA — The annual World Economic Forum that begins today in Davos, Switzerland, is likely to be dominated by concerns that the sharp downturn of the U.S. economy, the world's largest, could trigger a global recession.
The gathering of world business and political leaders comes as the Federal Reserve, responding to an international stock sell-off on Monday, took emergency action on Tuesday to reduce the U.S. benchmark interest rate by three-quarters of a percentage point.
"The risks of a significant slowdown, if not a recession, have been increasing," said Richard Samans, WEF managing director and a former economic policy adviser to President Bill Clinton.
Along with concerns over volatility in global financial and energy markets, the declining dollar and China's undervalued yuan, the agenda includes high oil prices and growing apprehension about the rapid growth and clout of sovereign wealth funds.
Climate change and terrorism, as well as corporate social responsibility, food and energy supply shortages, the emergence of economic powers such as China and India, and global trade problems also are on the table for the 2,500 forum participants.
About 27 heads of state and some 113 cabinet ministers from 88 countries, as well as more than 900 chief executives from the top global corporations are slated to take part in the five-day meeting, which has the theme, "The Power of Collaborative Innovation to Benefit Us All."
"The meeting gives us all a chance to understand and shape the global agenda for the year ahead and beyond," said Klaus Schwab, WEF founder and executive chairman.
Top officials from 74 Fortune 100 companies are among the guests.
National leaders include: U.S. Secretary of State Condoleezza Rice, who will deliver a keynote address on "Climate Change and Terrorism;" U.K. Prime Minister Gordon Brown, Japanese Prime Minister Yasuo Fukuda and Chinese Vice-Premier Zeng Peiyan.
A series of high-level meetings are also expected to take place on the sidelines between the trade ministers of major trading powers such as Brazil, India, the European Union, the U.S., Egypt and Japan, on how to advance the stalled Doha global trade talks.
U.S. Trade Representative Susan Schwab and World Trade Organization director general Pascal Lamy are likely to take active roles on how to advance the problematic global trade negotiations.
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)