WEF summit kicks off as uncertainties stare at world economy

The World Economic Forum's five-day annual meeting began in Davos Wednesday morning with top business and political leaders from across the world in attendance in this snow-laden skiing resort town, away from the gloomy economic scenario prevailing in most parts of the globe.

Ahead of the summit, a worldwide CEO survey Tuesday evening showed that the confidence has plummeted sharply about the global economic growth, even as the companies are relatively more optimistic about their own revenue growth.

In its first session, the WEF Annual Meeting 2012 is hosting a debate on the future of capitalism and its relevance in the 21st century, even as the event is often known as an annual congregation of the rich and powerful of the world.

The theme of this year's meeting is 'The Great Transformation: Shaping New Models'.

One of the key participants, Bill Gates has also called for investment in innovation to help the poor, while a host of labour leaders attending the event are seeking immediate steps to create jobs and put an end to the income inequality.

This year's Annual Meeting has also attracted anti-inequality protesters, who have called for an 'Occupy Davos' protest on the lines of 'Occupy Wall Street' and 'Occupy London' to put forth their opposition to the so-called 'one per cent' rich and powerful population.

The protesters have erected an 'igloo village' in the town, thus adding to an already hard task of Swiss army and police personnel providing security to the high-profile guest list comprising of nearly 40 heads of state.

These include German Chancellor Angela Merkel, British Prime Minister David Cameron, as also heads of organisations like IMF, World Bank, OECD, WTO etc.