Context: The World Economic Forum is holding its annual meeting from January 15 to 19 in Davos, Switzerland.
About World Economic Forum (WEF):
- Professor Klaus Schwab founded WEF in 1971, originally called the European Management Forum, as a non-profit foundation based in Geneva, Switzerland.
- It is the International Organization for Public-Private Cooperation.
- It introduced the concept of ‘stakeholder capitalism’ i.e. a form of capitalism in which companies do not only optimize short-term profits for shareholders, but seek long term value creation, by taking into account the needs of all their stakeholders, and society at large.
- In 2015, the Forum was formally recognised as an international organization.
- The Forum is chaired by Founder and Executive Chairman Professor Klaus Schwab.
- The Managing Board, chaired by the Forum's President, Børge Brende, acts as the executive body of the World Economic Forum.
- The Great Reset Initiative is an economic recovery plan drawn up by the World Economic Forum (WEF) in response to the COVID-19 pandemic.
- The Global Redesign Initiative (2010) of WEF was a global, multistakeholder dialogue on the future of international cooperation. Set up in the midst of the global financial crisis, its purpose was to stimulate thinking and debate about how the international community and its institutions and organizations in their widest sense can be adapted to contemporary challenges.
- Reports released by WEF:
- Global Risks Report
- Global Gender Gap Index (#2017 Prelims)
- Fostering Effective Energy Transition Report
- Travel and Tourism Development Index
- Global Cyber Security Outlook
- Global Competitiveness Report (#2019 Prelims)