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World Economic Forum |

World Economic Forum

Context:

∙ The WEF Annual Meeting 2024 began in Davos, Switzerland amid growing concerns over climate change, conflicts and misinformation.

World Economic Forum (WEF) About:

∙ It is a significant global event that brings together leaders from various sectors to discuss pressing global issues.

∙ It serves as a platform for global leaders to discuss and address pressing issues, fostering a spirit of cooperation and shared responsibility.

Genesis of WEF:

∙ The WEF was founded by German professor Klaus Schwab in 1971, and introduced the concept of ‘stakeholder capitalism’.

∙ Stakeholder Capitalism is a form of capitalism where companies seek long-term value creation by considering the needs of all their stakeholders and society at large.

∙ It was originally known as the European Management Forum.

Reports by WEF:

∙ Global Gender Gap Report: It assesses the gender gap in various countries. The gender gap is the difference between women and men as reflected in social, political, intellectual, cultural, or economic attainments or attitudes.

∙ In the 2023 report, India was ranked 127 out of 146 countries.

∙ The Global Risks Report: It explores some of the most severe risks we may face over the next decade, against a backdrop of rapid technological change, economic uncertainty, a warming planet and conflict.

∙ Other reports include Global Competitiveness Report (GCR), Travel and Tourism Competitiveness Report, and Global Information Technology Report.

India at WEF:

∙ India’s presence at the WEF is significant, with Union ministers,

ο Chief ministers, and numerous officials and CEOs participating.∙ The Indian industry’s presence at Davos has been conceptualised with the theme of ‘Credible India’, showcasing India’s impressive economic achievements and its future potential as a significant contributor to global growth.

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