Economy Under Discussion: 48th World Economic Forum Annual Meeting opens

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The Swiss alpine resort of Davos is hosting the World Economic Forum Annual Meeting. 70 heads of state or government, and over 2-thousand 5-hundred leaders from all sectors of society, were there for the opening day. Rory Coen has more.

"Creating a Shared Future in a Fractured World". It seems that the theme of this year's Annual Meeting will make a case for renewed commitment to international collaboration as a way of solving critical global challenges.

Swiss President Alain Berset, and Founder and Executive Chairman of the WEF Klaus Schwab gave the opening remarks.

KLAUS SCHWAB WEF EXECUTIVE CHAIRMAN "We all depend on each other. Only through joint efforts we can improve sustainable development. Sustained economic development can only be possible if we have social inclusion."

The findings in a recent PwC's Survey showing strong economic growth prospects have added confidence of the CEOs the world over.

57 percent believe the global economic growth in the next 12 months. The figure is double what it was last year and is the highest since 2012.

For the US, cutting taxes on corporations is expected to bring additional economic growth by 2020.

But the IMF points out that regions with the fastest economic growth are still in Asia, especially China and India.

In its World Economic Outlook update released Monday, the International Monetary Fund has projected a 7.4 percent growth rate for India in 2018 as against 6.8 percent for China.

The IMF forecasts India will be the fastest growing economy in 2018. But its inclusive development index still lags behind China.