Davos meeting 2024

What’s in today’s article?

• Why in news?
• What is World Economic Forum?
• What is Davos meet?
• What are the different reports published by WEF?
• Key takeaways from Davos meeting 2024

Why in news?

• This year’s edition of the World Economic Forum (WEF) annual meeting was held from January 15 to January 19.
• The overarching theme for WEF 2024 was 'Rebuilding Trust'.

World Economic Forum

• It is the international non-governmental organization for Public-Private Cooperation.
  • It was founded in January 1971 by German engineer and economist Klaus Schwab.
• The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.
  • It has no independent decision-making power.
• HQ: Cologny-Geneva, Switzerland.

Davos meet

• Annually, the WEF organizes a meeting at the end of January in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland.
• The Annual Meeting, also known as the Davos Agenda, has the objective of orienting global leaders on the imperatives of the year ahead.

Different reports published by WEF

• WEF also produces a series of annual reports such as –
  • Global Competitiveness Report,
  • Global Information Technology Report,
  • Global Gender Gap Report,
  • Global Risks Report,
  • Global Travel and Tourism Report,
  • Global Enabling Trade Report.

Key takeaways from Davos meeting 2024

• Artificial Intelligence
  • The one issue that took centre stage at this year’s WEF meet was Artificial Intelligence (AI).
  • Its many transformational abilities for human welfare were discussed.
  • It also highlighted the potential threats such as:
    • the need for regulation,
    • fear of job losses,
    • the risks of impersonation and misinformation, and
    • the inequalities it can potentially worsen.
  • Overall, the participants agreed that the positives outweigh the negatives, and human intelligence did not face a major threat from AI.
• War and uncertainty
  • The summit highlighted the risk posed by a fragile geopolitical situation, wars in the Middle East and Europe, the threats to global supply chains, and the uncertainty around food security.
  • The head of the Palestine Investment Fund estimated at least $15 billion would be needed to rebuild houses in Gaza alone.
  • However, Arab states said they would not fund reconstruction unless there was lasting peace.
• Climate
  • The need for businesses to adapt to climate change and for countries to unite for action against it despite differences was another topic of discussion.
  • In the financing of climate action in developing countries, assistance has to be provided by developed countries; otherwise, this inequality will only grow, resulting in winners and losers.
• China’s economy
  • Facing a slowing economy, China tried to attract more investment from the West, which has witnessed some cooling.
  • At 5.2%, China’s GDP growth in 2023 is still below pre-pandemic levels.
  • It is battling American attempts to isolate it, as evidenced in the semiconductor trade standoff.
• India specific observation
  • An assessment of Davos 2024 by consulting firm McKinsey and Company said:
    • India is transforming rapidly as one of the fastest growing large economies in the world.
    • When it comes to technology, talent, healthcare, and other areas, its future in 2024—and beyond—is worth paying attention to.
  • The summit announced the launch of a Global Good Alliance for Gender Equity and Equality with the support and endorsement by WEF and Government of India.
    • The idea of this alliance emerged from the G20 Leaders’ Declaration.
    • The objective of this Alliance is to bring together global best practices, knowledge sharing and investments in the identified areas of women’s health, education, and enterprise
    • Supported by the Bill and Melinda Gates Foundation, the alliance will be housed and anchored by the CII Centre for Women Leadership.
    • The World Economic Forum has come on board as a ‘Network Partner’ and Invest India as an ‘Institutional Partner’.

Q1) What is gender equality and equity?

'Gender equality' means equal outcomes for women, men and gender-diverse people. 'Gender equity' is the process to achieve gender equality. Gender equity recognises that women and gender-diverse people are not in the same 'starting position' as men. This is because of historical and social disadvantages.

Q2) What is Bill & Melinda Gates Foundation?

The Bill & Melinda Gates Foundation is a private philanthropic foundation that was established in 2000 by Bill Gates and his wife, Melinda Gates. The foundation's goal is to help people lead healthy, productive lives, and it focuses on improving health and reducing poverty in developing countries.

Source: Davos meeting 2024: 5 key takeaways | PIB