Why is it in the News?

This year’s edition of the World Economic Forum (WEF) annual meeting was held from January 15 to January 19.

Key Highlights from Davos Meeting 2024:

• Artificial Intelligence (AI): The focal point of discussion at this year's World Economic Forum (WEF) meeting was Artificial Intelligence (AI).
  • Conversations delved into its transformative potential for human welfare, addressing concerns such as the necessity for regulation, apprehensions about job losses, risks associated with impersonation and misinformation, and the potential exacerbation of inequalities.
  • Despite acknowledging these challenges, participants generally agreed that the positive aspects of AI outweigh the negatives, with no substantial threat to human intelligence.
• War and Uncertainty: The summit underscored the risks emanating from a delicate geopolitical landscape, ongoing conflicts in the Middle East and Europe, threats to global supply chains, and uncertainties surrounding food security.
  • Notably, the head of the Palestine Investment Fund estimated a requirement of at least $15 billion solely for the reconstruction of houses in Gaza.
  • However, Arab states asserted their reluctance to fund reconstruction without a guarantee of lasting peace.
• Climate: The imperative for businesses to adapt to climate change and nations to collaborate despite differences in combating it emerged as another key theme.
  • Discussions emphasized the necessity for developed countries to assist in financing climate action in developing nations to prevent a widening inequality that could result in winners and losers.
• China's Economy: Against the backdrop of a slowing economy, China sought increased investment from the West, which has experienced some cooling.
  • With a GDP growth of 5.2% in 2023, still below pre-pandemic levels, China grappled with efforts by the United States to isolate it, particularly evident in the semiconductor trade standoff.
• India-Specific Observations: McKinsey and Company's assessment of Davos 2024 highlighted India's rapid transformation as one of the fastest-growing large economies globally.
  • The summit marked the launch of the Global Good Alliance for Gender Equity and Equality, endorsed by the WEF and the Government of India.
  • Originating from the G20 Leaders' Declaration, the alliance aims to bring together global best practices, knowledge sharing, and investments in women's health, education, and enterprise.
  • Supported by the Bill and Melinda Gates Foundation, the alliance will be hosted by the CII Centre for Women Leadership, with the World Economic Forum as a 'Network Partner' and Invest India as an 'Institutional Partner.'

About the World Economic Forum:

• The World Economic Forum is the International Organization for Public-Private Cooperation.
• The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.
• It was established in 1971 by German engineer and economist Klaus Schwab.
• It is a not-for-profit foundation and is headquartered in Geneva, Switzerland.
• The Forum strives in all its efforts to demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance.

Reports released by WEF:  

• • Global Gender Gap Index 
  • Global Risks Report 
  • Fostering Effective Energy Transition Report 
  • Global Cyber Security Outlook 
  • Global Competitiveness Report
  • Travel and Tourism Development Index

About Davos Meet:

• The World Economic Forum (WEF) organizes a meeting annually 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.
• This year's theme for the Annual Meeting in Davos is 'From Lab to Life: Science in Action'.