What is the World Economic Forum meeting, held annually in Davos?
- The World Economic Forum (WEF) Annual Meeting is taking place from January 15 to 19 in Davos, Switzerland.
- The notable attendees include leaders from the UN, World Bank, World Health Organization, and various political figures.
Initiation of World Economic Forum (WEF)
- Founded by German professor Klaus Schwab in 1971 originally known as the European Management Forum
- It introduced the concept of "stakeholder capitalism," emphasizing long-term value creation for all stakeholders.
- As an extension of this, leaders from business, government, and civil society convene to address the global challenges.
Evolution of WEF
- Initially focused on European firms catching up with US management practices, WEF expanded its scope to economic and social issues after key events in 1973.
- These include the collapse of the Bretton Woods fixed exchange rate mechanism and the Arab-Israeli War.
- It later introduced membership for the world's leading companies, fostering partnerships and discussions on global issues.
WEF Meetings in Davos
- Davos brings together around 3,000 participants including investors, business leaders, politicians, economists, celebrities and journalists.
- Over five days and 500 sessions, stakeholders discuss various global socio-economic issues.
- It is largely funded by partnering corporations with an annual turnover exceeding $5 billion.
Historic Moments at WEF
- Davos has served as a venue for pivotal international diplomacy, with historical meetings such as
- North and South Korea's first ministerial-level talks
- Meeting of the East German Prime Minister and German Chancellor to discuss German reunification.
- Discussions between South African leaders during the country's political transition in 1992
WEF's Influence Beyond Meetings
- In 1998, the WEF emphasised the inclusion of major developing countries, leading to the formation of the G20.
- The G20 meeting, initially focused on global finance, was elevated to a summit in 2008 due to the global economic crisis.
- The WEF also went on to regularly publish global rankings and indices, such as the Global Competitiveness Report and the Global Gender Gap Report.