The World Economic Forum (WEF) is an international non-governmental organization that represents multinational corporations in Geneva, Switzerland’s Canton of Colony. Klaus Schwab, a professor of business at the University of Geneva, generated it in 1971.
According to its mission statement, the WEF aims to “improve the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.” The WEF does this through a range of initiatives, such as its yearly meeting in Davos, Switzerland, papers, and its network of partner organizations.
What is the World Economic Forum?
The World Economic Forum (WEF) is an international non-governmental organization that represents multinational corporations in Geneva, Switzerland’s Canton of Cologny. Klaus Schwab, a professor of business at the College of Geneva, created it in 1971.
According to its mission statement, the WEF aims to “improve the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.” The WEF does this through a range of initiatives, such as its annual conference in Davos, Switzerland, publications, and its network of affiliate organizations.
The history of the World Economic Forum
Here is a brief timeline of the history of the World Economic Forum:
- 1971: Klaus Schwab founds the European Management Forum in Geneva, Switzerland.
- 1976: The European Management Forum becomes a membership organization for the world’s leading 1,000 companies.
- 1987: The European Management Forum changes its name to the World Economic Forum.
- 1992: The WEF publishes its first Global Competitiveness Report.
- 1998: The WEF launches its annual meeting in Davos, Switzerland.
- 2000: The WEF launches its Global Risks Report.
- 2004: The WEF launches its Young Global Leaders program.
- 2008: The WEF launches its UpLink platform for entrepreneurs.
- 2015: The WEF launches its Shaping the Future of Production initiative.
- 2020: The WEF holds its first virtual annual meeting due to the COVID-19 pandemic.
- 2022: The WEF holds its first in-person annual meeting since the COVID-19 pandemic.
The mission and goals of the World Economic Forum
The WEF’s activities are designed to achieve these goals. These activities include:
- Annual Meeting: The annual gathering of the WEF occurs in January in Davos, Switzerland. It is the greatest meeting of world leaders ever and gives them a forum to talk about and debate the most important challenges the world is now suffering from.
- Global Competitiveness Report: Every year, the WEF releases the Global Competitiveness Report. This study rates nations based on their capacity to maintain a high standard of life for their population, which is referred to as competitiveness.
- Global Risks Report: Every year, the WEF releases the Global Risks Report. The top 10 global hazards that might have an effect on the planet in the upcoming ten years are included in this research.
- Up-Link: The innovation hub of the WEF is known as Up-Link. It helps entrepreneurs expand their businesses and have a beneficial impact on the world through connecting them with investors and other partners.
The structure and organization of the World Economic Forum
Cologny, Switzerland serves as the permanent base for the private foundation known as the World Economic Forum (WEF). Klaus Schwab, a professor of business at the University of Geneva, created it in 1971.
The WEF’s structure is based on a three-pillar model:
- The Membership Community: Over 1,000 of the top companies in the world, as well as governments, non-governmental organizations, and civil society groups, are members of the WEF.
- The Global Agenda Councils: Over 100 Global Agenda Councils, made up of specialists from different sectors of society, are part of the WEF. These councils focus on certain problems such as inequality, poverty, and climate change.
- The Annual Meeting: The annual gathering of the WEF occurs in January in Davos, Switzerland. It is the biggest meeting of world leaders yet and gives them a forum to talk about and debate the key issues that the world is now experiencing.
The impact of the World Economic Forum
| Impact | Description |
|---|---|
| Improving the state of the world | The WEF has been credited with helping to improve the state of the world by addressing global challenges such as climate change, poverty, and inequality. For example, the WEF’s annual meeting in Davos has been a platform for discussions on climate change, and the WEF has also published reports on how to address climate change. |
| Promoting public-private cooperation | The WEF believes that public-private cooperation is essential to solving global challenges. It brings together leaders from business, government, and civil society to work together on these challenges. For example, the WEF’s Global Agenda Councils are composed of experts from different sectors of society who work on specific issues. |
| Inspiring innovation | The WEF seeks to inspire innovation and entrepreneurship as a way to address global challenges. It provides a platform for innovators to share their ideas and connect with potential partners. For example, the WEF’s UpLink platform connects entrepreneurs with investors and other partners to help them scale their businesses and make a positive impact on the world. |
| Building a better future | The WEF believes that a better future is possible and it works to build that future by bringing together leaders from all sectors of society. For example, the WEF’s Young Global Leaders program brings together young leaders from around the world to develop solutions to global challenges. |
