Q What is the context ?
A Recently PM Modi has made a special address ahead of the theme-setting World Economic Forum (WEF) Agenda on the ‘State of the World’ at Davos.
Q What is World Economic Forum (WEF) ?
A
- WEF is an international non-governmental and lobbying organisation based in Cologny, canton of Geneva, Switzerland.
- It was founded on 24 January 1971 by German engineer and economist Klaus Schwab.
- The foundation, which is mostly funded by its 1,000 member companies – typically global enterprises with more than five billion US dollars in turnover – as well as public subsidies.
- It aims at improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.
Q What are Major reports released by WEF ?
A
- Engaging Tomorrow Consumer Report
- Inclusive growth & Development Report
- Environmental Performance Index
- Global Competitive Index
- Global Energy Architecture Performance Index Report
- Global Gender Gap Report
- Global Information Technology Report
- Human Capital Report
- Inclusive growth & Development Report
- Global Risk Report
- Travel and Tourism Competitiveness Report by WEF
Q What is important agenda for Davos meeting ?
A
- The WEF is mostly known for its annual meeting at the end of January in Davos, a mountain resort in the eastern Alps region of Switzerland.
- The meeting brings together some 3,000 paying members and selected participants – among which are investors, business leaders, political leaders, economists, celebrities and journalists.
Q Why is WEF important?
A
- Common platform: The WEF summit brings together the who’s-who of the political and corporate world, including heads of state, policymakers, top executives, industrialists, media personalities, and technocrats.
- Influence global decision-making: Deliberations at the WEF influence public sector and corporate decision-making.
- Discusses global challenges: It especially emphasizes on the issues of global importance such as poverty, social challenges, climate change, and global economic recovery.
- Brings in all stakeholders: The heady mix of economic, corporate, and political leadership provides an ideal opportunity for finding solutions to global challenges that may emerge from time to time.
Q What are the main initiatives?
A
- Agenda 2022 will see the launch of other WEF initiatives meant for:
- Accelerating the mission to net-zero emissions
- Economic opportunity of nature-positive solutions
- Cyber resilience
Q What are criticisms of WEF ?
A
- WEF has been criticized for being more of a networking hub than a nebula of intellect or a forum to find effective solutions to global issues.
- It is also criticized for the lack of representation from varied sections of the civil society and for falling short of delivering effective solutions.
Q What can be Way forward ?
A
- WEF sees large-scale participation of top industry, business leaders, civil society, and international organizations every year.
- This collaboration is necessary for addressing global concerns such as climate change and pandemic management.
- It is one of such few platform, that provides an opportunity for collaboration through comprehensive dialogue.
