Davos World Economic Forum – Definition

Cite this article as:"Davos World Economic Forum – Definition," in The Business Professor, updated July 30, 2019, last accessed October 20, 2020, https://thebusinessprofessor.com/lesson/davos-world-economic-forum-definition/.


Davos World Economic Forum Definition

The Davos World Economic Forum is an annual meeting of the World Economic Forum (WEF) that is held in January at Davos, Switzerland. The forum is a highly rated event that draws attendance from professionals and representatives with high profile across different fields and disciplines.  The forum focuses on agenda that seek to reshape industries and economy globally.

The Davos World Economic Forum feature discussions on salient issues that are of global importance such as global economic matters and social issues. Attendees of the forum include politicians, business leaders, investors, journalists, executive officers, religious leaders, Academia and others.

A Little More on What is the Davos World Economic Forum

The first dignitary that initiated the Davos World Economic Forum was Klaus Schwab, a professor that founded the European Management Forum, a Switzerland not-for-profit organization. The European Management Forum was renamed that World Economic Forum in 1987. The Davos World Economic Forum was initiated in 1971 and it attracted the attention of leaders across the globe. The forum holds annually in january at Davos, Switzerland.

The forum is a well-rated platform for discussions on cogent social, economic and  environmental matters across the globe. Political leaders were integrated into the attendance of the forum in 1974.

Being an annual forum for important deliberations, the Davos World Economic Forum has a theme every year depicting the current situation around the globe. The 2018 marked the 47th edition and had a high attendance. The theme for the 2018 edition of the Davos World Economic Forum was “Creating a Shared Future in a Fractured World.” one of the vital issues raised and discussed at the forum was advancing technology and the emergence of Artificial Intelligence (AI). The impacts of this technology on jobs and employees were also highlighted. An estimate of 20  million jobs would be created in the next ten years as AI have human skills automated into them.

The World Economic Forum has significant important on different sectors of the economy, the commerce sector is one of them. Various topics are host in the annual forum resting on commerce, development of industries as well as their impact on the economy. Also, the importance of AI and automation as well as other technology innovations on commerce industry is discussed and fostered by the World Economic Forum. It is also said that the commerce industry will witness a massive employment growth resulting from AI and automation.

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