World Economic Forum, 2009.
As the effects of the financial crisis continue to unfold, the world faces serious challenges to the functioning of both capital markets and the global economy. With aggregate demand falling, there is a significant risk of a severe global recession that will affect many sectors, asset classes and regions in tandem. It is in this context that the World Economic Forum is releasing this report. Its launch is timed to coincide with the World Economic Forum’s 2009 Annual Meeting, which will provide leaders from industry, government and civil society with a unique and timely opportunity to actively shape the post-crisis world in a holistic and systematic manner that integrates all the stakeholders of global society. A key track of the meeting will be focused on promoting stability in the financial system and reviving global economic growth, and we hope this report will both provide relevant background as well as catalyze dialogue on related issues. The crisis is rooted in global imbalances, including long regimes of low interest rates, rapidly rising asset prices, massive leverage and trade and savings imbalances. The World Economic Forum’s Global Risk Report pointed to associated risks of these phenomena in early 2007 and 2008.
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