Davos 2024: The World Economic Forum (WEF) is currently hosting its Annual Meeting from January 15 to 19 in the picturesque town of Davos, Switzerland. The event, attended by approximately 3,000 participants, boasts an impressive lineup of global figures, including UN Secretary-General António Guterres, World Bank Group President Ajay Banga and World Health Organisation Director-General Tedros Adhanom Ghebreyesus. Political leaders from India, the US, China, France and Sri Lanka are also among the distinguished attendees.Davos 2024: Inception, vision of World Economic ForumFounded by German professor Klaus Schwab in 1971, originally known as the European Management Forum, the WEF has evolved into a platform where stakeholders converge to discuss long-term value creation. Professor Schwab introduced the concept of stakeholder capitalism, advocating for companies to consider the needs of all stakeholders, not just shareholders. The WEF has since become a vital space for leaders from business, government, and civil society to deliberate on pressing global issues.Davos 2024: Evolution of WEFs focusInitially centred on European firms catching up with US management practices, the WEFs scope expanded in 1973, addressing broader economic and social issues following events like the collapse of the Bretton Woods fixed exchange rate mechanism and the Arab-Israeli War. By 1975, the organisation introduced membership for the worlds top 1,000 companies, solidifying its influence and fostering partnerships, including the pioneering collaboration with Chinas economic development commissions in 1979.Davos 2024: WEF meeting dynamicsDavos serves as the backdrop for this significant gathering, drawing participants from diverse fields such as investors, business leaders, political figures, economists, celebrities, and journalists. The forum spans five days and encompasses around 500 sessions, providing a unique opportunity for stakeholders to engage in discussions addressing global and regional socio-economic challenges.Davos 2024: Funding, location significanceThe WEF relies heavily on funding from partnering corporations, predominantly global enterprises with annual turnovers exceeding $5 billion. The choice of Davos as the venue holds historical significance, resonating with Thomas Manns novel The Magic Mountain. The serene environment is believed to facilitate focused discussions on global economic prosperity, away from the distractions of everyday politics.Davos 2024: Diplomacy, historical milestonesOver the years, Davos has witnessed pivotal moments in international diplomacy. Notably, it hosted the first ministerial-level meetings between North and South Korea, as well as discussions between East German Prime Minister Hans Modrow and German Chancellor Helmut Kohl regarding German reunification. In 1992, South African President de Klerk, Nelson Mandela, and Zulu prince Mangosuthu Buthelezi met at Davos, marking a significant moment in the countrys political transition.Davos 2024: WEFs global impactThe WEFs influence extends beyond its annual meeting, with initiatives like the G20 gaining traction. The 1998 WEF Meeting underscored the importance of including major developing countries in global discussions, eventually leading to the formation of the G20 summit in 2008.As the 2024 WEF Annual Meeting unfolds, the world awaits insights, collaborations, and solutions emanating from this prestigious gathering.
