Davos 2020 – what is the World Economic Forum?
THE world’s most powerful business people, politicians and celebrities will gather in Davos, Switzerland for the World Economic Forum (WEF) this week. US President Donald Trump and climate activist Geta Thunberg will both be in attendance alongside the global elite. But what actually is the World Economic Forum? What is the World Economic Forum? The […]
THE world’s most powerful business people, politicians and celebrities will gather in Davos, Switzerland for the World Economic Forum (WEF) this week.
US President Donald Trump and climate activist Geta Thunberg will both be in attendance alongside the global elite.
But what actually is the World Economic Forum?
What is the World Economic Forum?
The World Economic Forum aims to “improve the state of the world”.
Held every year in Davos, the conference puts business leaders in the same room as key players from politics, academia, and charities.
Many of them use the opportunity to do business deals and have private meetings on things like investment in their countries.
Many companies use the event to make key pledges on issues such as improving diversity or sustainability.
Many high profile figures also use the event to influence the global agenda.
Examples of this include Prince William’s speech in 2019 on mental health and David Attenborough’s warnings about the environment.
Who attends the World Economic Forum in Davos?
The World Economic Forum usually attracts around 3,000 people each year, with around a third of them from business.
To go you have to be invited and if this is the case the event is free.
If not you have to be a member of the WEF which can cost £480,000.
Key players from the UN and EU, world leaders, and CEO’s of major firms such as Coca-Cola and Facebook will all be there.
It is believed 239 people from the UK will be attending this year which will be the lowest UK attendance since 2010.
When was the first World Economic Forum?
The World Economic Forum launched in 1971.
The conference has achieved great things since then.
In 1988, meetings between prime ministers Turgut Özal of Turkey and Andreas Papandreou of Greece helped improve relations and brought the countries back from the brink of war.
And in 2000, the Global Alliance for Vaccines and Immunization (GAVI) used the event to launch programmes to immunise millions of children against disease.
Why has the World Economic Forum been criticised?
As well as attracting some of the world’s most powerful players, the WEF also attracts critics.
You will also often see protesters in Davos and major Swiss cities during the event.
Critics suggest the WEF is a symbol of the “global elite”.
In 2019 Time magazine editor-at-large, Anand Giridharadas, described Davos as “a family reunion for the people who broke the modern world”.
It is also argued the yearly event is male-dominated.
Last year, however, 22% of all Davos attendees were women, up from 17% in 2015.
Another persistent criticism is that the annual gathering has created a safe place for the corporate world to lobby governments without oversight.
WEF argues the event is simply interested in bringing leaders together for the greater good.
Last year, Dutch historian Rutger Bregman used a panel to criticise attendees for not paying their fair share of taxes.
In 2013, Ukranian activists Femen staged a topless protest against male dominance of the world economy.
And in 2012, the Occupy Wall Street movement, which campaigned against inequality, built igloos to house 50 protesters.