Speaking on the eve of an annual gathering of the world's financial and political elites in Switzerland's Davos, Klaus Schwab also told The Associated Press that the big risk now is the world moving into a cycle of deflation.

Andhra Pradesh Chief Minister N Chandrababu Naidu will leave for Davos early on Tuesday to attend the World Economic Forum (WEF) as a special invitee at the annual meet that sees dozens of heads of state, corporate leaders and experts discuss a range of issues.

LIVE Updates from Davos: World Economic Forum 2015