The President of the World Economic Forum, Borge Brende said that India, US and China will lead the new world order in the coming years.
Key Points About the World Economic Forum
- Brende highlighted that India’s economy is on track to become the third largest globally, and it could possibly usher in a new era of global leadership.
- He lauded India’s digital transformation, attributing its success to the widespread adoption of digital IDs, which have connected the majority of Indians.
- He noted that the demographic dividend, coupled with digital connectivity, could position India for sustained growth for the next few decades.
- Commenting on India’s presidency of the G20, Brende emphasised Prime Minister Modi’s vision to establish a new global order with increased influence for the global South.
- He introduced the concept of a “G3” – a powerful trio consisting of the United States, China, and India.
What is the World Economic Forum?
- The World Economic Forum (WEF) is a Swiss non-profit foundation established in 1971
- It is based in Geneva, Switzerland.
- It is founded by economist Klaus Scwab.
- It is Committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.
The WEF’s Funding and Partners
- The WEF is largely funded by its partnering corporations.
- These are generally global enterprises with annual turnover greater than $ 5 billion.
- For these corporations, the WEF provides a platform “to shape the future, accessing networks and experts to ensure strategic decision-making on the most pressing world issues.
- They can be from any industry, as long as they wish to engage using WEF’s platforms.
- WEF also partners with public subsidies.
The Annual Davos Meeting
- Annually, the WEF organizes a meeting at the end of January in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland.
- The Annual Meeting, also known as the Davos Agenda, has the objective of orienting global leaders on the imperatives of the year ahead.
WEF Reports on Global Issues
Some major reports published by WEF are:
- Energy Transition Index.
- Global Competitiveness Report.
- Global IT Report
- WEF along with INSEAD, and Cornell University publishes this report.
- Global Gender Gap Report.
- Global Risk Report.
- Global Travel and Tourism Report.
Conclusion
As India, the United States, and China continue to shape the future world order, the World Economic Forum remains a key platform for global leaders to collaborate on critical challenges. With its annual meeting in Davos and its comprehensive reports, the WEF continues to provide valuable insight and opportunities for shaping the future of the global economy.
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