World Economic Forum Annual Meet in Davos

Context

∙ The 54th annual meeting of the World Economic Forum in Davos, Switzerland was concluded recently.

∙ Mere scrapping of FMR might not make any difference on the ground, as in the case of Manipur where FMR has remained suspended since September 2022.

∙ The people continue to cross the international border 

About

∙ Every year, leaders from various fields, such as business, politics, economics, etc., gather in the Swiss town to discuss challenges facing the world and explore the ways forward.

∙ The five-day session was held offline for the first time in three years.

Five Takeaways of the 2024 Summit:

∙ Artificial Intelligence: Many transformational abilities for human welfare were discussed, so were the need for regulation, fear of job losses, the risks of impersonation and misinformation, and the inequalities it can potentially worsen.

∙ The overall discussion seemed to be that the positives outweigh the negatives, and human intelligence did not face a major threat from AI.

∙ War and Uncertainty: Business leaders spoke of the risk posed by a fragile geopolitical situation, wars in the Middle East and Europe, the threats to global supply chains, and the uncertainty around food security.

∙ Yet, no plans or roadmaps for peace were offered about the Israel-Gaza violence.

∙ Climate: The need for businesses to adapt to climate change and for countries to unite for action against it despite differences was another topic.

∙ The need for the Developed countries to assist in the financing of climate action in the developing countries was discussed.

∙ China’s Economy: Facing a slowing economy, China tried to attract more investment from the West, which has witnessed some cooling.

∙ At 5.2%, China’s GDP growth in 2023 is still below pre-pandemic levels, and it is battling American attempts to isolate it.

∙ India: India seemed to be the most visible among its regional Asian peers, with major tech companies staging booths in Davos.

∙ Indian business leaders were seen at the forefront of debates over technology and supply chain issues.

∙ One of the key takeaways from the Forum meeting was the announcement of the launch of a Global Good Alliance for Gender Equity and Equality with the support by WEF and Government of India.

∙ The objective of this Alliance is to bring together global best practices, knowledge sharing and investments in the identified areas of women’s health, education, and enterprise.