World Economic Forum

The **World Economic Forum** (WEF) is an international non-governmental and lobbying organization based in Cologny, Switzerland. It was founded in 1971 by Klaus Schwab, a German economist and professor at the University of Geneva. The WEF is best known for its annual meeting in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland. The meeting brings together business leaders, international political leaders, economists, celebrities, and journalists for up to five days to discuss global issues across 500 sessions.

Panoramic view of Davos, Switzerland, with snow-covered mountains and buildings.

History

The World Economic Forum was initially established as the European Management Forum, which was later renamed in 1987 to the World Economic Forum. The organization was founded with the objective of bringing together European business leaders to discuss management practices. Over time, the scope of the forum expanded to include a broader range of global issues and participants from around the world.

The WEF's first annual meeting was held in Davos in January 1971. The event has since become a key fixture on the global calendar, attracting high-profile attendees and extensive media coverage. The forum has played a significant role in shaping global economic policies and fostering international cooperation.

Structure and Governance

The World Economic Forum operates as a membership-based organization, with over 1,000 member companies, typically global enterprises with more than five billion US dollars in turnover. These companies are selected based on their leadership in their respective fields and their alignment with the WEF's mission.

The governance structure of the WEF includes a Board of Trustees, which is responsible for the strategic direction of the organization. The board comprises leaders from business, politics, academia, and civil society. Klaus Schwab serves as the Executive Chairman of the WEF.

Annual Meeting in Davos

The annual meeting in Davos is the most prominent event organized by the World Economic Forum. It typically takes place in late January and attracts around 3,000 participants from over 100 countries. The meeting features a diverse range of sessions, including keynote speeches, panel discussions, workshops, and networking events.

Key topics discussed at the Davos meeting include global economic trends, geopolitical issues, environmental sustainability, technological innovation, and social development. The forum provides a platform for participants to share insights, forge partnerships, and collaborate on solutions to global challenges.

Initiatives and Projects

The World Economic Forum undertakes a variety of initiatives and projects aimed at addressing global issues and promoting sustainable development. Some of the key initiatives include:

**Global Competitiveness Report**: An annual report that assesses the competitiveness of countries based on various economic indicators.
**Global Risks Report**: An annual report that identifies and analyzes the most pressing global risks.
**Fourth Industrial Revolution**: An initiative focused on understanding and shaping the impact of emerging technologies on society and the economy.
**Climate Action Platform**: A platform that brings together stakeholders to accelerate climate action and promote sustainable practices.

The WEF also collaborates with various international organizations, governments, and private sector entities to advance its initiatives and projects.

Criticisms and Controversies

Despite its influential role, the World Economic Forum has faced criticisms and controversies over the years. Some of the common criticisms include:

**Elitism**: The WEF has been criticized for being an exclusive club for the global elite, with limited representation from developing countries and marginalized communities.
**Lack of Transparency**: Critics argue that the decision-making processes and financial operations of the WEF lack transparency and accountability.
**Impact and Effectiveness**: There are concerns about the actual impact and effectiveness of the WEF's initiatives and projects in addressing global challenges.

The WEF has responded to these criticisms by emphasizing its commitment to inclusivity, transparency, and measurable impact.

Regional and Special Meetings

In addition to the annual meeting in Davos, the World Economic Forum organizes various regional and special meetings throughout the year. These meetings focus on specific regions or themes and provide a platform for stakeholders to engage in dialogue and collaboration. Some of the notable regional meetings include:

**World Economic Forum on Africa**: An annual meeting that addresses the economic and social challenges facing the African continent.
**World Economic Forum on Latin America**: A meeting that focuses on the economic and political issues in Latin America.
**World Economic Forum on the Middle East and North Africa**: A meeting that addresses the region's economic and geopolitical challenges.

Special meetings organized by the WEF include the Annual Meeting of the New Champions, also known as the "Summer Davos," which focuses on innovation, technology, and entrepreneurship.

Global Shapers Community

The Global Shapers Community is an initiative of the World Economic Forum that aims to engage young leaders in shaping the future. The community consists of hubs located in various cities around the world, where young leaders come together to address local, regional, and global challenges. The Global Shapers Community provides a platform for young people to contribute to the WEF's mission and initiatives.

Schwab Foundation for Social Entrepreneurship

The Schwab Foundation for Social Entrepreneurship, established in 1998, is a sister organization of the World Economic Forum. The foundation supports social entrepreneurs who are driving innovative solutions to social and environmental challenges. The Schwab Foundation identifies and promotes leading social entrepreneurs through its annual Social Entrepreneur of the Year awards and provides them with opportunities to engage with the WEF's network.

COVID-19 Response

The World Economic Forum played a significant role in responding to the COVID-19 pandemic. The WEF launched the COVID Action Platform, a collaborative initiative that brought together stakeholders from various sectors to address the health, economic, and social impacts of the pandemic. The platform facilitated the sharing of best practices, mobilized resources, and supported efforts to develop and distribute vaccines.

The WEF also adapted its annual meeting format in response to the pandemic. The 2021 annual meeting, initially scheduled to take place in Davos, was held virtually due to health and safety concerns. The virtual meeting featured a series of online sessions and discussions on the global response to the pandemic and the path to recovery.

Future Prospects

As the world continues to face complex and interconnected challenges, the role of the World Economic Forum is likely to remain significant. The WEF's ability to convene diverse stakeholders and foster collaboration will be crucial in addressing issues such as climate change, technological disruption, and social inequality. The organization is expected to continue evolving and adapting its initiatives to stay relevant in a rapidly changing global landscape.