What are the key takeaways from the World Economic Forum 2023? Let us take a look.
The World Economic Forum 2023 recently concluded in Davos, Switzerland. The esteemed conference is held every year and sees a wide-scale participation from countries all around the world. WEF is a non-profit organization that was founded in January 1971. The purpose of the WEF is to promote international cooperation between the Public and Private. Top leaders get together during this conference to shape global, regional, and industrial agendas.
World Economic Forum 2023
WEF 2023 was held from 16-20th January 2023 in Davos. The theme for this year was “Cooperation in a Fragmented World”. The idea was to push for collective action and bring together leaders from the government, civil societies, and businesses to address the current critical issues and prepare a roadmap for the future.
Here are the highlights of the meeting.
Trade and Investment
This was the overarching theme for this year’s WEF. Global trade touched a volume of $32 trillion despite geopolitical issues, the pandemic, and geo-economic fragmentation. “Despite all problems with the global commons we face today, we can’t solve them without multilateralism, cooperation, and trade. We should not throw out the baby with the bathwater”, said World Trade Organisation Director-General Ngozi Okonjo-Iweala.
A global economic downturn is expected, but the countries must have an integrated economy to benefit all.
The Chief Economists’ Outlook highlighted how a global recession was expected this year. There was also a push to look at the future of work and how workforces have to be trained for the green and digital transition.
Issue Ukraine’s President, Volodymyr Zelenskyy and First Lady Olena Kiyashko urged the world leaders to take decisive action for Ukraine. The First Lady urged the leaders to take actions so that the Russian aggression can be cooled down while highlighting the impact of the war. India at Davos It is believed that India will benefit from the diversification of the supply chain, and this will help boost its economy.
The WEF ranked India at 135 out of 146 countries in its Global Gender Gap (GGG) Index for 2022. In 2021, India was ranked 140 out of 156 countries. The gender gap is the difference between women and men as reflected in social, political, intellectual, cultural, or economic attainments or attitudes.
Smriti Irani, the Women and Child Development Minister said, “We are happy to share that the World Economic Forum has recognised the need to enumerate women’s participation in local government bodies in the Gender Gap Report. This is a big victory for 1.4 million grassroots women locally elected at panchayat level in India.”
During an open session on Gender Based Governance, described efforts made by PM @narendramodi Ji to centralise needs of women in policy decisions thereby making them equal partners in India’s growth story. #wef23 @Davos #IndiaAtDavos2023 https://t.co/dDcWfcPcCX pic.twitter.com/xZqKft4PTa
— Smriti Z Irani (@smritiirani) January 20, 2023
Big-ticket deals were signed between states like Maharashtra, Telangana and investors at the WEF Davos 2023.
Crises Energy is a critical issue that was discussed at the Forum. The leaders also recognized the need to push and work harder on climate crisis to prevent nature’s damage. An initiative called Giving to Amplify Earth Action (GAEA) was also launched at WEF. Supported by more than 45 partners, the initiative will look to fund and grow new and existing Public, Private, and Philanthropic Partnerships (PPPPs) to help unlock the $3 trillion needed to reach net zero by 2050.
The potential of AI to boost government services as well bringing people together in the metaverse was addressed. The first global and purpose-driven metaverse platform, the Global Collaboration Village, was also launched. The associated risk was such that technology was also looked at.
Jürgen Stock, the Secretary-General of the International Criminal Police Organization (INTERPOL) said- “This is a global threat, and it calls for a global response and enhanced and coordinated action.” Børge Brende, the President of WEF closed the sessions with the following remark- “In an uncertain and challenging time, one thing is clear. We can shape a more resilient, sustainable and equitable future, but the only way to do so is together.”