Navigating Global Challenges: Insights from the World Economic Forum 2024
War
The wars in Ukraine and the Middle East, possible new pandemics, climate change, and cyberattacks: At the World Economic Forum (WEF) in Davos GR, 2,800 guests from politics, business, and society will be discussing current challenges from Monday.
The most important facts about the elite meeting in the Grisons mountain resort: High-level talks to end the wars in Gaza and Ukraine are at the top of the agenda at this year’s 54th WEF Annual Meeting. The most important guest is Ukrainian President Volodymyr Selenskyj. He plans to travel to Davos in person for a speech on Tuesday. Once again, no one from the aggressor Russia is officially present. Instead, Chinese Prime Minister Li Qiang will be attending. China is considered an ally of Russia, and the West hopes to be able to influence Moscow via Beijing.
Nahost Conflict
US Secretary of State Antony Blinken, the permanent mediator in the escalating Middle East conflict, travels to Davos. The planned appearance of Israeli President Isaac Herzog and the participation of ministers from Qatar and the United Arab Emirates, which are considered mediators in the conflict, are important. In addition, a number of high-ranking politicians from the conflict region have announced visits, including from Saudi Arabia, Jordan, Lebanon, and Iraq.
As far as is known at present, no one from Iran, supporters of Hamas, will be coming to Davos. The impact of the latest escalation on the meeting was still unclear: the military strike by the USA and Great Britain with other allies against Houthi rebel positions in Yemen.
Economy
The central bankers – including Christine Lagarde from the European Central Bank and Swiss National Bank President Thomas Jordan – and the 1,600 business leaders at the WEF are confronted with a difficult global economic situation: Mediocre growth, high interest rates, political risks, after-effects of the pandemic, and rising debt.
Following the emergency rescue of the major Swiss bank Credit Suisse by its competitor UBS, UBS CEO Sergio Ermotti addresses the question of whether the banks are equipped for the future. US tech companies are also well represented: speakers include Marc Benioff, CEO of enterprise software specialist Salesforce, Microsoft CEO Satay Nadella, and Alex Karp from data analysis company Palantir. Billionaire Microsoft founder and philanthropist Bill Gates will also be a guest.
Trust
The WEF’s guiding principle for this year is “Rebuilding Trust”. At the events from Monday to Friday, over 200 of which will be broadcast live on the internet, guests will discuss the latest proposals for progress in the areas of global security, trade, economic growth, employment, climate and nature conservation, energy transition, technological upheaval, health, and well-being.
Artists
At the WEF kick-off on Monday evening, outstanding artists will receive a Crystal Award for their services to society. This year’s recipients are Hollywood star and Oscar winner Michelle Yeoh (“Everything Everywhere All at Once”) from Malaysia, US musician Nile Rodgers, and Burkinabe-German architect Diébédo Francis Kéré.
Federal Councillors
The Swiss government, led by President Viola Amherd, will seize the opportunity when numerous top politicians from around the world gather in Davos. Talks are planned with the Ukrainian President and the Chinese Prime Minister, among others.
The organizers of the WEF promote the participation of important leaders from the global South. The appearance of the new Argentinian President Javier Milei is illustrious this year. Davos is his first stop abroad as president. The ultra-liberal head of state has already introduced numerous reforms, and in Europe, he has been criticized in part as a right-wing populist.
The WEF recorded record attendance among the 800 CEOs from Latin America and Asia. This reflects the global economic shifts, according to the organizers.
Artificial Intelligence
Artificial intelligence (AI) and its challenges will be an important topic at this year’s WEF: How can the technology be used for the benefit of all? What regulations are needed against what risks? What innovations are possible, and how can AI interact with biotechnology, for example? Another guest is Sam Altman, founder of the chatbot ChatGPT.
Meaning
The global elite meeting, founded by German Klaus Schwab in 1971, has also had a more high-profile line-up. Only one head of government from the seven largest Western industrialized nations is represented, namely Emmanuel Macron from France. German Chancellor Olaf Scholz and British Prime Minister Rishi Sunak are also absent. US President Joe Biden is also once again skipping the meeting.
Instead, Chinese Prime Minister Li Qiang, the highest Chinese government representative to come to Davos since President Xi Jinping’s participation in 2017, will be attending. The Federal Council considers the WEF to be “one of the most important economic and socio-political events in the world”. More than 2,800 participants from 120 countries are attending, including more than 60 heads of state and government. Around 400 media representatives from Switzerland and abroad cover the event.
Ukraine Conference
Immediately before the WEF, a Ukraine conference will take place in Davos on Sunday this year. At the 4th so-called peace formula meeting, security advisors from over 80 countries will discuss the future of Ukraine and the so-called Ukrainian peace formula with a ten-point plan for an end to the Russian war of aggression.
However, Russia is not taking part. The main purpose of the conference is to keep Ukraine’s allies in line. The results presented by the working groups that discussed the ten principles will be discussed. The next steps are also to be discussed. Switzerland is participating in particular in the working groups on “Nuclear Safety”, “Food Security” and “Confirmation of the End of the War”.
Demonstrations
Critics traditionally gather in Davos on the Sunday before the start of the WEF. This year, too, a demonstration by several organizations has been approved, including the Young Socialists, the Group for a Switzerland without an Army (Gsoa), and the “Winter Hike to Davos”. They are protesting against “the closed meeting of the powerful and rich” and are accusing the participants in the World Economic Forum under the slogan “Smash WEF – Take back control!” (“Smash WEF – Take back control!”) and accuse the participants of the World Economic Forum of being responsible for crises and wars.
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