The World Economic Forum (WEF), founded by Klaus Schwab in 1971, is a global gathering of business, politics, and civil society leaders to discuss global challenges. The annual event in Davos, Switzerland, focuses on economic growth, climate change, technology, and geopolitical stability, promoting "stakeholder capitalism" and significantly influencing global economic governance, including the G20.
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The World Economic Forum (WEF) holds its Annual Meeting in Davos, Switzerland.
The WEF was founded by German professor Klaus Schwab in 1971. Initially, it was called the European Management Forum and focused on helping European companies catch up with US management practices. Over time, the forum expanded to include broader discussions on economic and social issues.
The WEF Annual Meeting is a global event where leaders from business, politics, and civil society gather to discuss major global challenges and brainstorm solutions.
The meeting is held annually in Davos, Switzerland, and it brings together around 3,000 participants. The objective is to address pressing issues like economic growth, climate change, technology, and geopolitical stability.
It is a concept introduced by Klaus Schwab, where companies focus not just on short-term profits for shareholders but on long-term value creation that benefits all stakeholders, including employees, suppliers, and the community.
The WEF promotes this idea to encourage businesses to serve all stakeholders to create a more sustainable and inclusive international economy.
The WEF is mainly funded by its partner corporations, which are mainly global enterprises with annual revenues exceeding $5 billion.
These companies sponsor the event financially in exchange for the opportunity to engage in high-level discussions to shape global policies.
The WEF has played a significant role in shaping global economic governance. It played an important role in the creation of the G20, as discussions at the 1998 WEF Annual Meeting led to the formation of this group.
The WEF regularly publishes global reports that rank countries based on various metrics. Some well-known reports include the Global Competitiveness Report, which assesses countries' economic competitiveness, and the Global Gender Gap Report.
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PRACTICE QUESTION Q.Consider the following statements: 1. The World Economic Forum (WEF) was established under the United Nations. 2. The Global Gender Gap Report is published by the World Economic Forum (WEF). Which of the above statements is/are correct? A) 1 only B) 2 only C) Both 1 and 2 D) Neither 1 nor 2 Answer: B Explanation: Statement 1 is incorrect: The World Economic Forum (WEF) is a global non-governmental organisation and think tank headquartered in Geneva, Switzerland. It was founded in 1971 by German engineer Klaus Schwab. Statement 2 is correct: The World Economic Forum (WEF) publishes the Global Gender Gap Report. It measures Gender equality by comparing the resource and opportunity gaps between male and female populations in countries. |
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