WEF is a membership-based organization and features the top corporations of the world. It was founded in 1971 by Klaus Schwab, a professor at the University of Geneva. Earlier it was known as European Management Forum and was changed to World Economic Forum in 1987 (WEF full form).
Soon, the political leaders from different countries have used the venue for promoting their interests. An invitation was extended to include the North Korean delegation for the summit of 2016. In 2017 for the first time, the head of state from the People’s Republic of China was present at the forum.
In 2018 Prime Minister Narendra Modi gave the plenary speech and became the first head of state from India to address an annual keynote meeting at Davos. WEF has highlighted climate change, change world geological patterns, and protectionism and terrorism as the major challenges faced by the modern world.
WEF is an independent forum and engages in consistent dialogues to facilitate the swift resolution of economic disputes. The activities of WEF are shaped by their unique stakeholder philosophy and carefully blend the multifaceted features of different entities in the organization.
The members of WEF come from different walks of life and bring in diverse geopolitical views that consistently reshape the diaspora of this truly global nonprofit entity. WEF believes that progress happens only when positive changes are affected throughout the world economy.
Impact of WEF
This brings a straightforward philosophy: to deliver the best and relevant minds and identify the ways to solve pressing global issues. For 50 years, WEF has been the agent of change that has influenced the policy structures of many governments and settled thousands of international disputes. This forum seeks to empower the world and help:
Shaping public policy through talks with key stakeholders
Working towards a collective goal for equitable distribution of scarce natural resources
Awakening the public through brand awareness programs and shifting the paradigm through consistent cooperation
WEF stands for with effect from and is used to indicate the start date of some application. This is also used to denote to mean changes in prices from the aforementioned date. It is normally used in legal and business matters. It is also regularly used in WhatsApp, Facebook, Twitter, and Instagram by adults and teenagers since its quite easy to understand.
Some Examples of WEF:
1. What is the Work of the World Economic Forum?
It is an international organization striving for continuous public-private partnerships. The forum engages the eminent state leaders and private players with inconsistent dialogues to shape global and industry agendas.
2. What is the Funding Process of WEF?
The WEF Full Form in English is a world economic forum and is fully funded by its members. It includes leaders from large conglomerates with at least a $5 billion yearly turnover. It also includes celebrities, journalists, and individuals willing to pay the annual fees to attend the meeting.
3. What Does Davos Elite Mean?
Davos man refers to the global elite of wealthy men who despise their respective countries and consider themselves international. According to Professor Samuel P Huntington, they are loyal to only global capital.
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