FT.com / Columnists / Martin Wolf - Why Davos Man is waiting for Obama to save him

FT.com / Columnists / Martin Wolf - Why Davos Man is waiting for Obama to save him: "The general mood in Davos was one of gloom verging on despair. The gloom is justified, as the update of the World Economic Outlook from the International Monetary Fund makes plain. Global economic growth is now projected to fall to a mere ½ per cent this year, its lowest rate since the second world war. Output in high-income countries is expected to fall by 2 per cent, the first annual contraction since 1945. Industrial production and merchandise exports are in free fall, as consumers decide they do not need that new car or other goody right now (see charts)."