The Latest: Markets have had worst start to year 'ever'

The latest developments from the final day of the World Economic Forum in Davos, Switzerland, where top executives and world leaders are meeting this week. All times local.

11:00 a.m.

Tidjane Thiam, chief executive of Swiss bank Credit Suisse, says financial markets have had their worst start to a year "ever."

Still, he thinks the markets have been "over-reacting" in the first three weeks of the year, which has seen many stock markets around the world plunge and oil prices strike fresh multi-year lows.

Addressing a panel at the World Economic Forum, Thiam says he's not overly concerned about a hard landing of the Chinese economy.

Christine Lagarde, the managing director of the International Monetary Fund, said global growth this year faces "downside risks" related to China, lower commodity prices and disparate central bank policies around the world. Still, she said the Fund expects global growth this year to be 3.4 percent, up from 3.1 percent in 2015.