Where will next wave of economic growth occur?

The 2008 Summer Davos forum concluded on Sunday afternoon in Tianjin,China.
The two-day global economic gala attracted some 1,400 entrepreneurs, officials and scholars from nearly 90 nations and regions.
Many participants agreed that first of all the United States has to recover from ongoing Wall Street woes. Only when the United States improves could other nations follow suit and economic growth occur.
It is estimated that the strong driving force for the next wave of growth will probably come from traditional economic powers.
According to a report released by the forum, such first-tier cities as New York, London and Paris remain the favorite targets for investors. Tokyo, however, accommodated the most headquarters of leading global companies.