WEF Annual Meeting in Davos Focuses on Growth

Why in the news?

The World Economic Forum (WEF) Annual Meeting in Davos, Switzerland (January 20-24) brings together global leaders to discuss issues like inclusive growth, infrastructure investment, and technology democratization, with key Indian political figures attending.

WEF Annual Meeting in Davos Focuses on Growth

Overview of WEF Annual Meeting:

  • The World Economic Forum (WEF) Annual Meeting is held from January 20-24 in Davos, Switzerland.
  • Key attendees include European Commission President Ursula von der Leyen, China’s Vice Premier Ding Xuexiang, and various business and political leaders.
  • Union Minister Ashwini Vaishnaw leads the Indian delegation, with Chief Ministers from Maharashtra, Telangana, and Andhra Pradesh.
  • Focused on inclusive growth, investment in infrastructure, and democratizing technology.

WEF’s History and Founding:

  • Founded in 1971 by Klaus Schwab, a German professor with a background in mechanical engineering and public administration from Harvard.
  • Originally named the European Management Forum, aimed at improving European companies’ management practices.
  • Advocates for “stakeholder capitalism”, where companies serve all stakeholders, not just shareholders.
  • WEF has grown into a platform for business, government, and civil society leaders to collaborate on global challenges.

Functioning and Funding of WEF

  • Typically gathers around 3,000 participants, including business leaders, political leaders, economists, and journalists.
  • Past topics include artificial intelligence, geopolitical issues, and climate change.
  • WEF is primarily funded by partnering corporations with annual turnover greater than $5 billion.
  • In 1998, the WEF advocated for the inclusion of developing countries, leading to the formation of the G20.