DAVOS - Global financial crisis has “irreversibly” shifted the world economic power to emerging markets like India and China, top global CEOs said as the five-day World Economic Forum opened at the Swiss Alpine resort here Jan 27.

“Crisis has accelerated the shift of economic power from the West to East. This is irreversible,” said Peter Sands, Group Chief Executive Officer, Standard Chartered in his opening remarks at the 40th annual meeting of the World Economic Forum (WEF).

Global CEOs have learned a lot during the past 24 months, Azim Premji, Wipro chief and WEF co-chair said, pointing out “enormous purchasing power which is getting (generated) in India and China.”

India and China continued to grow at a reasonable rate even the several developed countries faced recession and witnessed economic contraction. In case of India, the growth rate during the 2008-09 moderated to 6.7 per cent and is expected to rebound to 8 per cent during the current fiscal.

As far as China is concerned, the economic growth rate jumped to 10.7 per cent during the quarter ending December 2009 from a low of 6.8 per cent during the corresponding period a year ago.

Elaborating on the theme of shift of economic power, Sands said, it is from those countries which “consume and borrow” to those which “produce and save”.

Ruling the possibility of “second dip” (second phase of recession) as predicted by some economists, Premji said, “everyone is much better prepared to face the crisis.” There have also been talks about “double dip” among the financial sector experts, who fear that global economy would face second bout of recession.             (PTI)