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.