The global economy and geopolitical tensions are taking a back seat to a more immediate problem at this year's Davos summit of political and business leaders: heavy snow is burying the venue.

India has emerged as the fifth most attractive market for investments and the optimism over global economic growth is at a record level, a survey of CEOs by global consultancy PwC said.

At least 20 people were evacuated late last night from the North of Davos due to an avalanche scare. It has been snowing incessantly in Davos for the past 48 hours. A further metre or so is expected to fall across some parts of the Alps on Monday, the weather office predicted.