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World Economic Forum Summit 2023

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January 23, 2023

Why in news?

The World Economic Forum’s annual meeting 2023 in the Davos, Switzerland was the largest in history, convening a record number of leaders from governments, businesses, and civil society.

What about the World Economic Forum (WEF)?

  • WEF - The World Economic Forum (WEF) is a non-governmental and non-profit organisation based in Geneva, Switzerland.
  • WEF is known for its annual summit in Davos, Switzerland.
  • Objective - The forum strives to demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance.
  • Founder Chairperson - Economist Klaus Schwab founded the WEF in 1971 and has been its chairperson since then.
  • WEF Partners - The WEF is largely funded by its partnering corporations.
  • Annual summit - WEF is known for its annual summit in Davos, Switzerland.
  • The theme of this year was ‘Cooperation in a Fragmented World’.
  • Major reports published by WEF
    • Global Competitiveness Report
    • Global IT Report
    • Global Gender Gap Report
    • Global Energy Transition Index
    • Global Risk Report
    • Global Travel and Tourism Report

What are the key takeaways from the WEF’s 2023 meeting?

  • Economy - Major economies such as the US, the European Union (EU) and China are seemingly beyond the risk of a recession now.
  • As the richer nations look to focus inwards, protecting their own workers, energy sufficiency, supply lines, etc., concerns were raised that this policy direction would hit developing economies.
  • A warning has been issued on friendshoring (limiting the trade of key inputs to trusted countries in order to reduce the supply chain risks).
  • Ukraine - Ukraine kept up its demand for more military aid to fight its war against Russia and more financial aid to rebuild after the war.
  • Climate - The World Economic Forum, supported by more than 45 partners launched the Giving to Amplify Earth Action (GAEA).
  • It is a global initiative to fund public, private and philanthropic partnerships (PPPPs) to help unlock the 3 trillion dollar of financing needed each year to reach net zero, reverse nature loss and restore biodiversity by 2050.
  • Pakistan brought up the issue of a loss and damage fund for the developing countries.
  • Loss and Damage (L&D) Fund is a financing mechanism that was agreed in COP27 of UNFCCC to compensate the most vulnerable countries from climate-linked disasters.

What does it hold for India?

  • India’s efforts - Global leaders hailed India for its strong ability to attract global investments amid a churning in the supply chains with its policies like Product-Linked Incentives (PLI).
  • IMF deputy managing director Gita Gopinath also praised India’s digital and physical infrastructure prowess and called for reforms in land and labour markets.
  • India is also expected to remain resilient despite the global slowdown impacting the emerging markets.
  • Projects launched - More than 50 “high-impact initiatives” was launched at the event.
  • Maharashtra Institution for Transformation (MITRA) signed a partnership with the forum on urban transformation.
  • A thematic centre on healthcare and life sciences is to be set up in Telangana.

 

References

  1. The Indian Express | World Economic Forum’s 2023 Davos Event
  2. The Print | Key takeaways from the World Economic Forum
  3. CNBCTV18 | Davos 2023: Key takeaways for India
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