Worst is not over yet: Davos greets global economic revival with caution

Davos participants' uneasiness about the world economy was matched by growing concern over the political turmoil in the Arab world, terrorism in North Africa, a spate of natural disasters that have highlighted the failure to tackle climate change, and the growing inequality between the world's "haves'' and "have nots.''

"Two years ago, gloom around the stalled economic recovery was leavened by euphoria at the outbreak of the Arab spring,'' Kenneth Roth, the executive director of Human Rights Watch, told The Associated Press "This year, relief at the improved economic outlook is tempered by despair at the unimpeded slaughter in Syria, uncertainty about the outlook in Egypt, and frustration over the Arab monarchies' resistance to reform.''

Democracy is far from certain, and economic woes have left hundreds of thousands of young people jobless and frustrated that their "revolutions'' haven't produced any dividends.

Angel Gurria, secretary-general of the Paris-based Organization for Economic Cooperation and Development, said the focus on resolving the world's economic crisis has distracted leaders from many other important issues, including education, the social consequences of unemployment and promoting ways to deal with climate change.

Nonetheless, Gurria said, the world should be "very worried'' because there aren't many "tools'' left to fix the economy if things get worse.

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