World Economic Forum

20th Anniversary Schwab Foundation Gala Dinner (43075411050)

1971 Opening

Frederik de Klerk with Nelson Mandela - World Economic Forum Annual Meeting Davos 1992

Henry Kissinger with former USSR leaders - WEF Annual Meeting 1992

Børge Brende at the World Economic Forum on Africa 2008

Ettinger Sport during WEF2018

World Economic Forum (WEF) is an international non-governmental and lobbying organization based in Cologny, Geneva, Switzerland. It was founded in 1971 by Klaus Schwab, a German engineer and economist. The WEF is best 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 business leaders, international political leaders, economists, celebrities, and journalists for up to four days to discuss global issues, across 500 sessions.

The organization also convenes some six to eight regional meetings each year in locations across Africa, East Asia, Latin America, and the Middle East, and holds two further annual meetings in China and the United Arab Emirates. Beside meetings, the WEF produces a series of research reports and engages its members in sector-specific initiatives.

History

The forum was initially named the European Management Forum and was aimed at helping European businesses catch up with US management practices. It changed its name to the World Economic Forum in 1987 and sought to broaden its vision to include providing a platform for resolving international conflicts.

Mission

The WEF states that it is "committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas". The Forum asserts that its motto is "Committed to Improving the State of the World".

Activities

The activities of the WEF include the annual meeting in Davos, regional meetings, research, and initiatives. These activities cover a wide range of issues, including health, environment, economy, and education.

Annual Meeting in Davos

The annual meeting in Davos is the flagship event of the WEF. It gathers top-level political and business leaders from around the world to discuss and shape global, regional, and industry agendas at the start of each year.

Initiatives

The WEF also undertakes initiatives to tackle global issues, such as the environment and health, through public-private cooperation. The Forum engages its members in projects that aim to address specific societal challenges.

Criticism

The WEF has faced criticism for its exclusivity, high costs of attendance, and the perceived elitism of its attendees. Critics argue that, despite its mission, the Forum does not sufficiently address the needs of the wider public, particularly those affected by the economic policies and decisions discussed at its meetings.

See Also

• Economic globalization
• Global governance
• Public-private partnership

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