World Economic Forum

About World Economic Forum:

• It was established in 1971 as a not-for-profit foundation by German engineer and economist Klaus Schwab. It was originally known as the European Management Forum.
• It introduced the concept of stakeholder capitalism.
• It engages organizations and leaders through dialogue, debate and commitments for action in the service of building more future-ready, resilient, inclusive and sustainable economies and societies.
• Background:
  • Events in 1973, namely the collapse of the Bretton Woods fixed exchange rate mechanism and the Arab-Israeli War, saw the Annual Meeting expand its focus from management to economic and social issues.
  • Two years later, the organisation introduced a system of membership for ‘the 1,000 leading companies of the world’. 
  • In 1987, the European Management Forum formally became the World Economic Forum and sought to broaden its vision to include providing a platform for dialogue.
  • In 2015 it was formally recognised as an international organization.
• Funding: The WEF is largely funded by its partnering corporations. These are generally global enterprises with annual turnover greater than $5 billion. 
• Reports published by the World Economic Forum: Global Competitiveness Report, Global Information Technology Report, Global Gender Gap Report, Global Risks Report, Global Travel and Tourism Report, Global Enabling Trade Report.
• It has headquarters in Geneva, Switzerland and offices in New York and San Francisco in the United States, in Beijing, China and in Tokyo, Japan.
• Davos meeting: Davos brings together some 3,000 participants (including paying members and selected invitees), among whom are investors, business leaders, political leaders, economists, celebrities and journalists, for up to five days to discuss global issues across 500 sessions. 

Q1: What is the main purpose of the World Economic Forum?

It is committed to improving the state of the world – is the international organization for public-private cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas.

Source: IE