Davos highlights economic power shift to East, South

International Monetary Fund (IMF) Special Adviser Min Zhu (L to R) Wipro chairman Azim Premji, Professor of Economics Nouriel Roubini, Time International editor Michael J. Elliott, WPP CEO Sir Martin Sorrell and Ernst & Young CEO and chairman James S. Turley attend a session untitled “What Is the New Economic Reality?” on the opening day of the World Economic Forum annual meeting on January 26, 2011 in Davos. - Photo by AFP.

DAVOS, Switzerland: Power in the global economy is shifting from the advanced world to Asia as recovery takes hold, Davos analysts said Wednesday, as political and business elites began their annual meeting.

“What is really happening is a slowdown of the western world and the growth of the emerging markets. This is a complete shift in the balance of power,” Azim Premji, chairman of Indian software major Wipro, told the opening panel.