The World Economic Forum is a forum for discussing the major issues concerning the world. Established in 1971 as a non-profit foundation, it was initially primarily focused on economic issues within Europe. It is an international organisation with no commercial interest.
It provides a platform for leaders around the world- business, government and civil society to come together. The main reason for the formation of the forum is for it to bring together the most relevant leaders and to identify best ways to address significant challenges.
To become a member of the World Economic Forum, membership is considered when a company goes global and reached $5 billion. Each member pays a membership fee and a meeting fee.
According to the forum’s website, “The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas”.
The World Economic Forum is funded by 1000 member companies and strives to be impartial and isn’t tied to any political or national interests.
Since inception, it has been a catalyst for global initiatives, industry breakthroughs and economic ideas.
With the aim of driving collective action, the World Economic Forum has projects that are aligned around the world’s most pressing global challenges. They are also designed to make meaningful and sustainable change.
While the forum’s most popular event is the annual gathering in Davos, Geneva, Switzerland, there are also regional meetings held in locations across Africa, East Asia and Latin America.
Some of the forum’s work includes the production of a series of research reports and engaging members in sector-specific initiatives.
The forum has also built world-class research capabilities, producing cutting-edge data on some of the world’s most significant issues.
Through engagement with the world’s foremost political, business and other leaders, the World Economic Forum serves as a highly respected platform for working out solutions to a range of pressing social and economic challenges.