Around 2,500 business and political leaders have converged on Davos in the Swiss mountains for the World Economic Forum.
Russian President Dmitry Medvedev officially opened the event only two days after a bomb blast at a Moscow airport.
It was a sombre and sobering start, when major issues are the scale of sovereign debt, particularly in Europe and the US.
The agenda provided a snapshot of the rebalancing of global power, towards the emerging economies such as China and India.
The BBC's Economics editor Stephanie Flanders reports.