Challenges faced by WEF – Davos is a talk show

Source: This post is created based on the article ‘Davos is a talk show: It’s voluble but not weighty’ published in “Live Mint” on 18^th January 2024.

UPSC Syllabus Topic: GS Paper 2 – International Relations

News: World Economic Forum’s (WEF) 54th Annual Meeting at Davos began this Monday.

What are the highlights of the 45^th annual WEF meeting?

1) Key attendees include France’s President Emmanuel Macron and European Commission President Ursula von der Leyen.

2) The US is represented by Secretary of State Antony Blinken, and India by a 100-member delegation led by Smriti Irani.

3) WEF President Børge Brende emphasizes the need for public-private collaboration to address global challenges.

4) The theme for this year is ‘Rebuilding Trust,’ focusing on transparency, consistency, and accountability among leaders.

What is the significance of WEF?

Davos 2024 focuses on four key areas: security and cooperation, economic growth and jobs, AI as a driving force, and strategies for climate, nature, and energy. These aims align with the objectives of various multilateral entities like the UN, Bretton Woods institutions, UNESCO, and the UN Framework Convention on Climate Change (UNFCC).

Despite criticisms, Davos is recognized for its role in fostering a better understanding of global challenges. Although its contribution seems minor, it is still valued in the context of international cooperation and dialogue.

What are the challenges faced by WEF?

First, there’s a growing number of notable absentees, especially among important politicians, making it ineffective.

Second, the present theme of WEF does not represent the current fractured global scenario, with conflicts like Russia-Ukraine and Israel-Gaza, and security threats in the Red Sea.

Third, despite its high-profile nature, Davos is increasingly seen as a global talk show with limited tangible outcomes. It struggles to make significant news headlines or achieve substantial progress on its agenda.