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From Britain's departure from Europe to the partial suspension of the U.S. government, a series of crises left many countries'leaders absent from the Davos Forum, and they all had more urgent domestic issues to deal with.
It is no wonder that the mood at this year's World Economic Forum in Davos is markedly pessimistic, in sharp contrast to the optimism that prevailed at the annual meeting 12 months ago.
"About a year ago, when we entered the new year, it was unusually good. Surprisingly, the barometer has obviously dropped after this year, "Andy Halford, finance chief of Standard Chartered Bank (STAN.L), told Reuters in an interview.
Ray Dalio, founder and chairman of Bridgewater Associates, is particularly gloomy about the global outlook. He said the current climate was very similar to the market conditions in the last years of the Great Depression in the late 1930s.
"We will be in a slowing economic environment. Europe, the United States and China will all experience a slowdown, "he said.
"What frightens me most in the medium and long term is that our monetary policy has limitations at a time of rising political and social antagonism. The next recession worries me the most, "he said.
Jes Staley, chief executive of Barclays (BARC.L), said the general consensus had shifted from "excessive optimism" to "extreme concern", suggesting that the rise in geopolitical uncertainty and the reversal of monetary easing were two major concerns in everyone's minds.

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