The euro survived. Washington is expected to muddle through its fiscal crises. China is heading for a soft landing, and markets and corporate earnings are recovering.

Nearly five years after the banking meltdown, the world economy is back on track, right?

As policymakers and senior executives fly off for a week of brainstorming and partying in the Swiss mountain resort of Davos, they may be tempted to pat themselves on the back.

Yet many are more pessimistic about the future than they were 12 months ago, according to a survey by the World Economic Forum, host of the annual Davos shindig from January 23 to 27. Clouds over Davos include anemic growth, rising social tensions and increased volatility in emerging markets.

"We face a new reality of sudden shocks and prolonged global economic malaise, particularly in major economies experiencing economic austerity," said WEF founder Klaus Schwab.

For the second year running, over 1,000 industry leaders and experts surveyed by the WEF rated wealth gaps and unsustainable government debt as the most prevalent risks to the world economy.

It will take years for the debt of most major economies to fall. And growth won't recover enough this year to lend a hand or dull the pain -- the World Bank expects the global economy to grow by 2.4%, barely changed from 2012.

Some states are borrowing more, not less. Japan is tapping bond markets to fund part of a stimulus program aimed at ending decades of stagnation, adding to debt that is twice as big as the economy.

Whatever happens in Washington next month, a compromise is likely to see the U.S. debt ceiling raised again. And most Americans will end up paying more taxes.

Related: U.S. economy to dominate Davos 2013