WORLD ECONOMIC FORUM ANNUAL MEETING
Introduction
- The World Economic Forum (WEF) Annual Meeting is happening from January 20 to 24, 2025, in Davos, Switzerland.
- This is a global event where leaders from politics, business, and society come together to discuss important world issues.
- Key figures attending this year include European Commission President Ursula von der Leyen, China’s Vice Premier Ding Xuexiang, and Indian Union Minister Ashwini Vaishnaw, who will lead the Indian team.
- Also, the Chief Ministers of Maharashtra, UP, Telangana, and Andhra Pradesh, will attend.
- The discussions will focus on topics like inclusive growth, investment in infrastructure, and making technology accessible.
WHO STARTED THE WEF & WHY?
- The WEF was started in 1971 by Professor Klaus Schwab, a German professor in mechanical engineering and public administration.
- Initially, it was called the European Management Forum, and its purpose was to help European companies improve their management practices by learning from the U.S.
- However, the forum soon grew to cover more important topics like economic and social issues.
- One of Schwab’s main ideas is stakeholder capitalism, which means businesses should not only focus on making money for their shareholders but also work for the benefit of all those involved with the company, such as employees, suppliers, and local communities.
WHAT HAPPENS AT WEF?
- The WEF Annual Meeting brings together about 3,000 people to discuss global issues in over 500 sessions.
- These people include business leaders, politicians, investors, economists, and journalists. The forum is a chance for them to work together and come up with solutions for big challenges the world faces.
In the past, Davos has hosted important meetings, such as:
- In 1992, Nelson Mandela met with South African leaders at the forum for the first time, which was an important step in the country’s political change.
- In 1998, leaders discussed the creation of the G20, a group of 20 countries that now meet regularly to talk about the global economy. Recent topics at the WEF include Artificial Intelligence, climate change, and the slowdown of China’s economy.
WHO PAYS FOR WEF & WHY DAVOS?
- The WEF is mainly funded by big companies with annual revenues of more than $5 billion.
- These companies support the forum’s activities.
- The meeting is held in Davos because of its peaceful setting, which helps people focus on important discussions.
- The town is also famous as the setting for the novel “The Magic Mountain”, where the main character goes to Davos for a short stay but ends up staying much longer.
- This calm environment is ideal for big global conversations.
IMPORTANT MOMENTS IN WEF HISTORY
The WEF has often been the place for major talks:
- North and South Korea had their first meetings in Davos.
- In 1990, leaders from East and West Germany met in Davos to talk about reunification.
- The idea for the G20 was discussed at the WEF in 1998, which later became a key group for addressing global financial issues.
MAIN TOPICS FOR 2025
This year’s WEF meeting will cover important issues, such as:
- Economic recovery after the pandemic and growth for everyone.
- Technology advances like Artificial Intelligence and their impact on our lives.
- Geopolitical challenges, especially in areas like Eastern Europe and Asia.
- Climate change and how the world can work together to solve it.
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