WEF Founder Still Sees Crisis Risks

By: Associated Press Email
By: Associated Press Email

DAVOS, Switzerland (AP) - Despite renewed confidence in the global economy, the founder of the World Economic Forum says he sees danger signs ahead.

Klaus Schwab told The Associated Press that "cautious realism" and a recovery of public trust are needed to avoid another major financial crisis.

He said Monday "the world economy may still confront a collapse if very negative constellations occur."

Stocks started strongly this year and the euro currency union no longer seems in danger of collapse. But unemployment remains high in many developed economies and the public's faith in business and government leaders is falling.

Schwab spoke ahead of the gathering this week - organized by the WEF - of more than 2,000 of the world's financial and political elite at the Swiss mountain resort of Davos.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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