High in the Alps, the global elite will be feeling low about the economic outlook. The ski resort of Davos, Switzerland, will again play host next week to the World Economic Forum\u2019s annual meeting, drawing JPMorgan Chase & Co.\u2019s Jamie Dimon, German Chancellor Angela Merkel and Chinese Vice President Wang Qishan. Domestic political strife is forcing U.S. President Donald Trump and U.K. Prime Minister Theresa May to stay home. Those still going will do so as their economies lose momentum just a year since they enjoyed a rare synchronized upturn. While few predict a recession, companies are the most bearish since 2016 as economic data falls short of expectations and political risks mount amid an international trade war, U.S. government shutdown and Brexit. \u201cThe mood is going to be much darker than a year ago,\u201d said Nariman Behravesh, IHS Markit\u2019s chief economist, who will be in Davos. \u201cA recession isn\u2019t imminent, but as economies slow it wouldn\u2019t take much to topple growth.\u201d The summit formally begins on Tuesday although the tone will be set a day before when the International Monetary Fund publishes new growth forecasts and China releases data likely to show expansion in 2018 was the slowest in almost three decades. The Bank of Japan and European Central Bank also have meetings next week at which policy makers may recast their outlooks. \u201cThe evidence is consistent with slowdown rather than slump, but downside risks have increased,\u201d said Tom Orlik, chief economist at Bloomberg Economics. Some of the companies sending executives to Davos are already sounding less upbeat. Dimon\u2019s JPMorgan last week missed profit estimates and he warned the U.S. economy could stop growing if the government shutdown endures. BlackRock Inc., which will be represented by CEO Laurence Fink, said this month it\u2019s cutting jobs. Societe Generale, helmed by Frederic Oudea, this week reported \u201cchallenging\u201d conditions as it warned fourth-quarter trading revenue probably fell 20 percent. Read More. Davos Highlights China-U.S. Contest for Global Dominance Climate and Cyber Risks Top Concerns Facing World in 2019 Davos Got 2018 Correct in Predicting Fed Would Hurt Stocks This Is Why You Haven\u2019t Been Invited to Davos: Eco Week Ahead Globalization is Thriving Despite Trump\u2019s Efforts Such developments leave governments and central banks under pressure to respond at a time when global policy uncertainty is at a record high. It\u2019s not just Trump and May who have problems. French President Emmanuel Macron faces protests against his reform program, Greek Prime Minister Alexis Tsipras\u2019s governing coalition has splintered, Canadian Prime Minister Justin Trudeau is at odds with China over the arrest of a Huawei Technologies Co. executive and Italian Prime Minister Giuseppe Conte\u2019s populist coalition is under strain. In a potential theme for Davos week, BlackRock\u2019s Fink has told fellow CEOs that they should take a larger role fixing political problems that governments prove incapable of solving. \u201cStakeholders are pushing companies to wade into sensitive social and political issues - especially as they see governments failing to do so effectively,\u201d Fink wrote in a letter this week. The global economy is nevertheless still stronger than a decade ago when one participant bemoaned the \u201c grimmest Davos\u201d ever as the financial crisis and recession raged. The OECD reported on Thursday that employment in its member nations reached 68.4 percent in the third quarter of last year, the most since it began compiling records in 2005. Policy makers are also on the alert. The U.S. Federal Reserve is already signaling it is more cautious about raising interest rates, while China is cutting taxes. At the ECB, President Mario Draghi has said that uncertainties \u201cremain prominent.\u201d \u201cWe see the biggest risk in the global economy as one of talking ourselves into a recession,\u201d Citigroup CEO Michael Corbat, another Davos delegate, said this week. For those wanting to take their minds off the economy, there are distractions in Davos along with the traditional cocktail parties. The Forum\u2019s agenda includes panels on how to achieve happiness, live longer, perform magic and spot con tricks. Delegates can also dine in the dark and meditate together each morning.