Introduction

The World Economic Forum (WEF) has begun its annual summit in Davos, Switzerland.

World Economic Forum (WEF)

Headquartered in Geneva, Switzerland, WEF is an international not-for-profit organization, focused on bringing the public and private sectors together to address the global political, social, and economic issues.
It was founded in 1971 by Swiss-German economist and Professor Klaus Schwab in a bid to promote global cooperation on these most pressing problems.
The first meeting of WEF was held more than five decades ago in Davos, which has been the home of the annual gathering almost ever since, also becoming the shorthand for the event.

Bringing Stakeholders Together: The WEF gathers leaders from business, government, and civil society to address global challenges and brainstorm solutions.
Scope Expansion: Initially focusing on European firms catching up with US management practices, the WEF’s scope broadened to encompass economic and social issues.

Membership: In 1975, the WEF introduced a membership system for the world’s top 1,000 companies.
Global Diplomacy: Davos serves as a backdrop for international diplomacy, offering leaders a conducive environment to defuse tensions and engage in critical discussions.
Historic Meetings: Notable meetings in Davos have included North and South Korea’s first ministerial-level talks and discussions on German reunification.
Birth of the G20: The idea for the G20, comprising 20 countries and initially focusing on global finance, emerged from discussions at the WEF in 1998.

WEF Funding: The WEF is primarily funded by partnering corporations, typically global enterprises with annual turnover exceeding $5 billion.
Davos Setting: Davos’s tranquil surroundings provide an ideal backdrop for the WEF’s mission to foster a more prosperous global economy.

Global Rankings: The WEF publishes influential global rankings and indices, such as the Global Competitiveness Report and the Global Gender Gap Report.
Significance: WEF Summit serves as a dynamic platform where leaders and stakeholders converge to address pressing global issues, fostering cooperation and innovation on a grand scale.