The business and government leaders who gathered here in recent days are pinning high hopes on developing countries to keep the world economy growing, amid widespread worry about the strength of recovery in advanced economies.

Most people at the World Economic Forum meeting, an elite annual jamboree for top executives and officials that ended Sunday, expected Western Europe and Japan to grow at a feeble pace, thanks to high public debt, overcapacity in industry and other problems.

The year ahead “is going to be a better year than 2009, but still not the year we were hoping for,” said Carlos Ghosn, chief executive of car makers Renault SA in France and Nissan Motor Co. in Japan.

Many participants also weren't convinced that the U.S. recovery is bouncing back just yet, despite the fast pace of economic growth posted in the fourth quarter.

via Emerging Economies Took Center Stage in Davos – WSJ.com.

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