The Davos meetings include discussions about key international economic issues and are attended by leading political figures, representatives of the scientific and business communities from various countries and international organisations. The WEF's mission is stated as "committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas".[1]. Professor Klaus Schwab is the founder and WEF's permanent executive chairman. If the moderators deem it possible to restore the account / unlock access, it will be done. The plan has three core priorities: 1. The plan includes advancing Circular economy. You can restore your account within 30 days by following the link sent to the e-mail address you entered during registration. The history of WEF began in January 1971, when a professor at the University of Geneva Klaus Schwab brought together leading business people and politicians in Switzerland for the first time to discuss the prospects for developing European business on the world market. Drivers are among others an overrepresentation of financial companies and an underrepresentation of fast-growing health care and information technology businesses at the conference. The forum’s programme includes "mini-summits" in which government officials participate, and seminars that are organised mainly for the business community, official delegations and certain political figures to interact. In 2018, the 48th World Economic Forum was held in Davos from 23-26 January and was attended by 70 heads of state and governments. The Russian Embassy in Bern denied having carried out “preparatory work” for spying on the World Economic Forum. [64], Between January 21–24, at the early stages of the COVID-19 outbreak, CEPI met with leaders from Moderna to establish plans for a COVID-19 vaccine at the Davos gathering,[65] with a total global case number of 274 and total loss of life the virus at 16. Al Gore summarized the ideas in the conference as: “I don’t want to be naive, but I want to acknowledge that the center of the global economy is now saying things that many of us have dreamed they might for a long time,” "“The version of capitalism we have today in our world must be reformed,”.[82]. Many argued that GDP is failed to represent correctly the wellbeing and that fossil fuel subsidies should be stopped. Trump to attend World Economic Forum in Davos, after skipping it last time Published Tue, Dec 17 2019 1:22 PM EST Updated Tue, Jan 14 2020 … An orange badge means you're just a run-of-the-mill working journalist. The Global Health Initiative was launched by Kofi Annan at the annual meeting in 2002. [20][21], Headquartered in Cologny, the WEF also has offices in New York, Beijing and Tokyo. [10] Following the publication, the WEF excused the publication as "an unacceptable failure in the editorial process". In this report the forum estimated that approximately half of the global GDP is dependent highly or moderately on nature and 1 dollar spent on nature restoration yields 9 dollars in profit.[61][62]. This year’s event consists a virtual round in January and a face-to-face meeting scheduled in May in Singapore, according to the organizer. [98], A number of NGOs have used the World Economic Forum to highlight growing inequalities and wealth gaps. READ MORE: Davos Forum Warns Rife Political Risks Impair Global Economic Outlook. Economically: the measured economic reality largely contradicts the established ideas of how the economy should actually work (despite economic upswings, wages and prices e.g. [60], In the year 2020, the forum published a report named: "Nature Risk Rising". With increasing limitations on world trade through national interests and trade barriers, the WEF has moved towards a more sensitive and socially-minded approach for global businesses with a focus on the reduction of carbon emissions in China and other large industrial nations. You can withdraw your consent using the method specified in the Privacy Policy. [71][72], In 2016 WEF published an article in which it is said, that in some cases reducing consumption can increase well being. [78] In 2018, WEF announced that one project within this initiative was to be the Earth BioGenome Project, the aim of which is to sequence the genomes of every organism on Earth. In the summer of 1971, Schwab invited 444 executives from Western European firms to the first European Management Symposium held in the Davos Congress Centre under the patronage of the European Commission and European industrial associations, where Schwab sought to introduce European firms to American management practices. One of the methods is to achieve circular economy. Winnie Byanyima, the executive director of the anti-poverty confederation Oxfam International co-chaired the 2015 meeting, where she presented a critical report of global wealth distribution based on statistical research by the Credit Suisse Research Institute. AP Photo / Markus Schreiber, © The fact of registration and authorization of users on Sputnik websites via users’ account or accounts on social networks indicates acceptance of these rules. Managing Board members are Emma Benameur, Børge Brende, Julien Gattoni, W. Lee Howell, Jeremy Jurgens, Anil Menon, Adrian Monck, Sarita Nayyar, Richard Samans, Olivier M. Schwab, Murat Sönmez, Dominic Kailash Nath Waughray, Saadia Zahidi, Alois Zwinggi. The Forum emphasized its 'Environment and Natural Resource Security Initiative' for the 2017 meeting to achieve inclusive economic growth and sustainable practices for global industries. The theme of the meeting – Globalization 4.0 – resonated with our audience and received more than 8,800 online news mentions. The "Competitiveness Team"[56] produces a range of annual economic reports (first published in brackets): the Global Competitiveness Report (1979) measured competitiveness of countries and economies; The Global Information Technology Report (2001) assessed their competitiveness based on their IT readiness; the Global Gender Gap Report examined critical areas of inequality between men and women; the Global Risks Report (2006) assessed key global risks; the Global Travel and Tourism Report (2007) measured travel and tourism competitiveness; the Financial Development Report (2008)[57] aimed to provide a comprehensive means for countries to establish benchmarks for various aspects of their financial systems and establish priorities for improvement; and the Global Enabling Trade Report (2008) presented a cross-country analysis of the large number of measures facilitating trade among nations. The winter discussions ostensibly focus around key issues of global concern (such as the globalization, capital markets, wealth management, international conflicts, environmental problems and their possible solutions). The board is held collectively responsible for the forum and is accountable to the Board of Trustees. The foundation also acts as a think tank, publishing a wide range of reports. The World Economic Forum's (WEF) Annual Meeting 2019 took place on January 22-25 in Davos, Switzerland. AP Photo / Carolyn Kaster, © For other uses, see, BuzzFeedNews, Retrieved 19 May 2020. [96], After 2014, the protest movement against the World Economic Forum largely died down, and Swiss police noted a significant decline in attending protesters, 20 at most during the meeting in 2016. [95] Small demonstrations are held in Davos on most but not all years, organised by the local Green Party (see Anti-WEF protests in Switzerland, January 2003) to protest against what have been called the meetings of "fat cats in the snow", a tongue-in-cheek term used by rock singer Bono. Secure .gov websites use HTTPS. "A white badge means you're one of the delegates – you might be the chief executive of a company or the leader of a country (although that would also get you a little holographic sticker to add to your badge), or a senior journalist. [116], "WEF" redirects here. Ideologically: the liberal western model is no longer considered a universal role model that other countries strive for (with China's digital totalitarianism or the traditional absolutism in the Persian Gulf as counter-proposals, all of which are represented by government members in Davos). In 2018, the 48th World Economic Forum was held in Davos from 23-26 January and was attended by 70 heads of state and governments. The forum has a rather complex organisational and management structure. You can find a detailed description of how we use your data in our Privacy Policy. In 1992, South African President F. W. de Klerk met with Nelson Mandela and Chief Mangosuthu Buthelezi at the annual meeting, their first joint appearance outside South Africa. According to the European Parliament's Think Tank, critics see the WEF as an instrument for political and business leaders to 'take decisions without having to account to their electorate or shareholders'. [26], The foundation is funded by its 1,000 member companies, typically global enterprises with more than five billion dollars in turnover (varying by industry and region). 4 World Economic Forum on Africa World Economic Forum on Africa 5 • An action plan was launched to tackle the crisis of gender-based violence. An admission fee cost $19,000 per person. It contains details about the types of data we collect, how we use it, and your data protection rights. Since 2011, the World Economic Forum has been addressing its very own gender quota, to introduce at least one woman for every five senior executives that attended. It replaced the Commission on Sustainable Development , which had met annually since 1993. The TTCI 2019 results show that out of the 132 economies covered in both the 2019 and 2017 editions, 101 improved their score. The Forum is best known for its annual meeting in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland. barely rise). In all language versions of the sputniknews.com websites any comments posted can be edited. 'Horizontal trade' looks to upswing at Davos meet, The Local, Retrieved 19 May 2020. On his first international trip to Davos, he emphasized liberal economic policies despite his populist agenda, and attempted to reassure the world that Brazil is a protector of the rain forest while utilizing its resources for food production and export. In January 1974, political leaders were invited to the Swiss town of Davos for the first time. [90], In May 2020, the WEF and the Prince of Wales's Sustainable Markets Initiative launched "The Great Reset" project, a five-point plan concerned with enhancing sustainable economic growth following the global recession caused by the COVID-19 pandemic lockdowns. Many of the participants said that a better capitalism is needed. Sputnik / Aleksey Babushkin, © [5], Events in 1973, including the collapse of the Bretton Woods fixed-exchange rate mechanism and the Yom Kippur War, saw the annual meeting expand its focus from management to economic and social issues, and, for the first time, political leaders were invited to the annual meeting in January 1974. At the Annual Meeting 2003, for example, Jeroo Billimoria met with Roberto Blois, deputy secretary-general of the International Telecommunication Union, an encounter that produced a key partnership for her organization Child helpline international.[55]. The theme of the forum was "Creating a Shared Future in a Fractured World". [86] The second WEF annual meeting was held in Dubai in November 2017, when there were 35 distinct councils focused on a specific issue, industry or technology. [25], The Managing Board is chaired by the WEF's President, Børge Brende, and acts as the executive body of the World Economic Forum. [115] Recent annual reports published by the WEF include a more detailed breakdown of its financials and indicate revenues of SFr 349 million for the year 2019 with reserves of SFr 310 million and a foundation capital of SFr 34 million. Continuing Nepal’s representation at the ongoing 49 th World Economic Forum in Davos, PM Oli participated in another panel meeting on January 23, 2019.. After the ‘Strategic Outlook on South Asia’ on January 22, 2019, Oli participated in another panel discussion titled ‘Shaping the Future of Democracy’ held as part of the ongoing conference. There are no further details provided to what asset classes or individual names the WEF allocates its financial assets of SFr 261 million. He then founded the WEF as a nonprofit organization based in Geneva and drew European business leaders to Davos for the annual meetings each January. "[35] All plenary debates from the annual meeting also are available on YouTube[36] while photographs are available on Flickr. [58], The "Risk Response Network"[59] produces a yearly report assessing risks which are deemed to be within the scope of these teams, have cross-industry relevance, are uncertain, have the potential to cause upwards of US$10 billion in economic damage, have the potential to cause major human suffering, and which require a multi-stakeholder approach for mitigation. The GHI's mission was to engage businesses in public-private partnerships to tackle HIV/AIDS, tuberculosis, malaria, and health systems. [27] In 2011 an annual membership cost $52,000 for an individual member, $263,000 for "Industry Partner" and $527,000 for "Strategic Partner". [28] In 2014, WEF raised annual fees by 20 percent, bringing the cost for "Strategic Partner" from CHF 500,000 ($523,000) to CHF 600,000 ($628,000). REUTERS / Bandar Algaloud/Courtesy of Saudi Royal Court, © Every year regional meetings take place, enabling close contact among corporate business leaders, local government leaders, and NGOs. [100], In September 2018, the city of Davos approved by popular vote to increase the security budget for the yearly meeting to CHF 1.125 million. Since 2000, the WEF has been promoting models developed by those in close collaboration with the Schwab Foundation for Social Entrepreneurship,[52] highlighting social entrepreneurship as a key element to advance societies and address social problems. Academia, which had been the basis of the first annual conference in 1971, had been marginalised to the smallest participant group (183 attendees). We are committed to protecting your personal information and we have updated our Privacy Policy to comply with the General Data Protection Regulation (GDPR), a new EU regulation that went into effect on May 25, 2018. North Korea has not been attending the WEF since 1998. Members of the Board of Trustees include: Mukesh Ambani, Marc Benioff, Peter Brabeck-Letmathe, Mark Carney, Laurence D. Fink, Chrystia Freeland, Orit Gadiesh, Fabiola Gianotti, Al Gore, Herman Gref, José Ángel Gurría, André Hoffmann, Christine Lagarde, Jack Ma, Yo-Yo Ma, Peter Maurer, Luis Alberto Moreno, Muriel Pénicaud, H.M. Queen Rania Al Abdullah of the Hashemite Kingdom of Jordan, L. Rafael Reif, David M. Rubenstein, Mark Schneider, Klaus Schwab, Tharman Shanmugaratnam, Jim Hagemann Snabe, Feike Sijbesma, Heizo Takenaka, Zhu Min. [93][94], During the late 1990s the foundation, along with the G7, World Bank, World Trade Organization, and International Monetary Fund, came under heavy criticism by anti-globalization activists who claimed that capitalism and globalization were increasing poverty and destroying the environment. [3][30] The participants are also taking part in role playing events, such as the Investment Heat Map. The World Economic Forum on Africa was held 04-06 September 2019. In 2016, 18% of the WEF attendees were female; this number increased to 21% in 2017, and 24% in 2020, five years of growth. The global elite are descending on Switzerland for the World Economic Forum’s annual meeting in Davos this week. [48][49] The Premier of China has delivered a plenary address at each annual meeting. Davos: Impressions of a First-Time Attendee, The Journal Blog, Retrieved 19 May 2020. [46] The Economist had found similar results in an earlier study, showing an underperformance of Davos participants against both the MSCI World Index and the S&P 500 between 2009 and 2014.[47]. Russia as a sovereign country has been participating in Davos meetings since 1992. AP Photo / Michel Euler, © The World leaders from across the globe will attend the Forum at … The WEF was founded in 1971 by Klaus Schwab, a business professor at the University of Geneva. The plan is backed by the Government of South Africa through the Minister of Women, Youth and Persons with Disabilities and the United Nations in South Africa. [14], In 2018, Indian Prime Minister Narendra Modi gave the plenary speech, becoming the first head of state from India to deliver the inaugural keynote for the annual meet at Davos. [43], An analysis by The Economist from 2014 found that the vast majority of participants are male and more than 50 years old. Since you already shared your personal data with us when you created your personal account, to continue using it, please check the box below: If you do not want us to continue processing your data, please click here to delete your account. UAE, Bahrain and Israel: Peace or Discord? Under the Gleneagles Dialogue on Climate Change, the U.K. government asked the World Economic Forum at the G8 Summit in Gleneagles in 2005 to facilitate a dialogue with the business community to develop recommendations for reducing greenhouse gas emissions. [32], At the 2018 annual meeting, more than 3,000 participants from nearly 110 countries participated in over 400 sessions. [17], In 2020, the Swiss police made the public aware that two "Russian spies", one of which was disguised as a plumber, had travelled to Davos with diplomatic passports prior to the Annual Meeting. It consciously protects our biosphere and champions a circular, shared and regenerative economy. [37][38], Some 3,000 individual participants joined the 2020 annual meeting in Davos. REUTERS / Denis Balibouse, Davos Poll: Public Trust in Nat'l Governments Falls Worldwide, Davos Forum Warns Rife Political Risks Impair Global Economic Outlook, Trump Cancels US Delegation to Davos World Economic Forum - White House, Russia to Skip Davos Forum if Russian Businessmen Not Invited - PM, Treasury Secretary Mnuchin to Head US Delegation at Davos Instead of Trump, Riyadh Promises No Penalties for Banks Boycotting 'Davos in Desert' - Reports, Russian Entrepreneurs to Attend Davos Forum Despite Restrictions — Economist, Davos 2018 Forum the ‘Conference of Disillusionment’ - Economist. An American study shows that those whose income is higher than $75,000, do not necessarily have an increase in well being. [44], Next to individual participants, the World Economic Forum maintains a dense network of corporate partners that can apply for different partnership ranks within the forum. Incorporated as a not-for-profit foundation in 1971, and headquartered in Geneva, Switzerland, the Forum is tied to no political, partisan or national interests. 04Coverage Overview The World Economic Forum Annual Meeting 2019 received more than 177,000 media mentions around the world. These enterprises rank among the top companies within their industry and/or country and play a leading role in shaping the future of their industry and/or region. "Davos runs an almost caste-like system of badges", according to BBC journalist Anthony Reuben. [9], In January 2006, the WEF published an article in its Global Agenda magazine titled ”Boycott Israel”, which was distributed to all 2,340 participants of the Annual Meeting. [85], The Network of Global Future Councils meets annually in the United Arab Emirates and virtually several times a year. 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