World Economic Forum (WEF) Summit at Davos

Note4Students

From UPSC perspective, the following things are important :

Prelims level : World Economic Forum

Mains level : Not Much

davos

The World Economic Forum has begun its annual summit in Davos, Switzerland,

World Economic Forum (WEF)

  • Headquartered in Geneva, Switzerland, WEF is an international not-for-profit organization, focused on bringing the public and private sectors together to address the global political, social, and economic issues.
  • It was founded in 1971 by Swiss-German economist and Professor Klaus Schwab in a bid to promote the global cooperation on these most pressing problems.
  • The first meeting of WEF was held more than five decades ago in Davos, which has been the home of the annual gathering almost ever since, also becoming the shorthand for the event.

Tap to read more about important reports published by the World Economic Forum (WEF).

WEF partners

  • The WEF is largely funded by its partnering corporations.
  • These are generally global enterprises with an annual turnover greater than $ 5 billion.
  • For these corporations, the WEF provides a platform “to shape the future, accessing networks and experts to ensure strategic decision-making on the most pressing world issues.”
  • Partners range from Apollo Tyres to Apple – they can be from any industry, as long as they wish to engage using WEF’s platforms.
  • WEF also partners with public subsidies.

Why are the summits held at Davos?

  • Sometimes described as Europe’s highest town, Davos has been the venue for the WEF’s annual meeting every year since its inception – with one exception.
  • Davos, a ski resort, and the annual host of WEF’s meeting is a quaint town located on the lap of the Swiss Alps.
  • In many ways, it is a surprising choice for a meeting of global economic giants and geopolitical leaders.
  • The meeting was held in New York in 2002 in a gesture of solidarity following the 9/11 attacks.

Who are the attendees and what actually happens in Davos?

  • Typically, Davos attracts global business executives and policymakers – and it’s strictly invite-only.
  • Usually attending will be the sitting U.S. president, top EU and UN leaders, business leaders and entrepreneurs, academics, heads of NGOs and charities, the media, activists and even some celebrities.
  • Donald Trump, Jens Stoltenberg, Ursula von der Leyen, Greta Thunberg, Elton John and many other high-profile names have all previously attended Davos.
  • The conference includes hundreds of discussions, keynote speeches and panels, and all-important networking sessions, usually behind closed doors in five-star hotels.
  • CEOs and investors seize the opportunity for face-to-face deal-makings.

Davos 2023: What’s on this year’s agenda?

  • This year’s annual meeting in Davos will take place January 16–20, 2023.
  • The theme is “cooperation in a fragmented world” and within that are five sub-themes, including the energy and food crises, inflation, technology for innovation, social vulnerabilities and geopolitical risks.

 

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