Davos economic forum

DAVOS, Switzerland, Jan. 27 (UPI) -- The mood at the annual World Economic Forum that kicks off Wednesday in Davos, Switzerland may not be the gloom of last year but is still pretty sober.

The theme of this year's gathering, attended by 2,500 international political and business leaders and central bankers, is "Rethink, Redesign, Rebuild." London's Daily Telegraph suggested "repent" and "reform" might be added to the list.

Bankers, who were largely absent last year, trying to douse the fires of the financial crisis they helped to cause, are back this year. They are expected to resist pressures for regulatory reform that will likely begin with Wednesday's keynote address from French President Nicolas Sarkozy.

The Davos forum itself is also publishing a report on the redesign of global financial architecture.

Bankers are unlikely to protest too loudly, however, as they need to restore public trust, currently at rock bottom. The Edelman Trust Barometer survey showed trust in banks has fallen from 68 percent to 29 percent since 2007 in the United States. Only media and insurance companies rank lower internationally.

Another feature of Davos this year is the growing attention to developing economies. China and India, both relatively unscathed by the global recession, have more prominent roles.