World Economic Forum 2025
The World Economic Forum (WEF) is hosting its Annual Meeting from January 20 to 24, 2025, in Davos, Switzerland. This global gathering brings together leaders from business, politics, and civil society to address pressing issues facing the world . Key figures such as European Commission President Ursula von der Leyen and China’s Vice Premier Ding Xuexiang are expected to attend.
History of the WEF
- The WEF was founded in 1971 by Klaus Schwab, a German professor.
- Originally called the European Management Forum, it aimed to enhance European business practices.
- The focus shifted to global economic and social issues after events in the 1970s.
Concept of Stakeholder Capitalism
- Klaus Schwab introduced “stakeholder capitalism,” where companies prioritise long-term value over short-term profits.
- This approach encourages businesses to consider the interests of all stakeholders, including employees and communities, not just shareholders.
Annual Meeting Format
The Annual Meeting attracts around 3,000 participants, including business leaders, politicians, and journalists. It features over 500 sessions discussing various global issues, encouraging dialogue and collaboration among diverse stakeholders.
Funding of the WEF
The WEF is primarily funded by partnering corporations, typically large enterprises with annual revenue. This financial model supports the organisation’s initiatives and events.
Significance of Davos
Davos is not only a scenic location but also a historical backdrop for international diplomacy. It has hosted critical meetings, such as those between North and South Korea and discussions leading to German reunification.
Global Issues Addressed
The WEF focuses on major themes, including artificial intelligence, climate change, and geopolitical tensions. These topics reflect current global challenges and aim to generate actionable solutions.
Impact on Global Policy
The WEF has influenced international policy discussions, notably contributing to the establishment of the G20. It also publishes reports, such as the Global Competitiveness Report, which assess various socio-economic factors.
Lasting Legacy of the WEF
The WEF continues to be a vital platform for dialogue on global issues. Its emphasis on collaboration among different sectors aims to create a more prosperous and sustainable future for all.
Month: Current Affairs - January, 2025
Category: Summits and Conferences