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The full form of WEF is World Economic Forum. This is an international organization that brings together important people from around the world—such as business leaders, government officials, economists, teachers, and world leaders—to talk about and solve big issues. These issues include politics, the economy, society, and the environment.
The WEF is especially known for its Annual Meeting in Davos, Switzerland. Every year, top decision-makers meet there to discuss things like changes in the economy, new technology, how to develop the world in a better way, and how different groups can work together to solve problems.
When people mention “WEF,” they often mean talks about global policies and ways in which businesses and governments can work together. The World Economic Forum serves as a place for sharing information, making new connections, and creating ideas to make the world a better place for everyone.
What is WEF?
WEF means World Economic Forum. It is the most popular NGO and think tank in the world, founded to bring together leading figures globally, who may include heads of state, CEOs of leading multinational corporations, economists, cultural leaders, and representatives of the media. The dialog would lead to cooperation and partnerships on major issues in the improvement of the economy and society under stakeholder dialogue mission founding principles.
In this respect, economic growth, innovation in technology, climate change impacts, social equity challenges, and governance are primary focus areas for cooperative interventions toward improvement of the state of the world. The Forum is non-governmental but provides a free platform where ideas can be exchanged towards action plans addressing any issue considered most pressing globally; thus creating accountability without direct power for interference.
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History of WEF
When Was WEF Established?
Swiss economist and scholar Professor Klaus Schwab founded the World Economic Forum (WEF) in Geneva, Switzerland, in 1971. When WEF was first established as the European Management Forum, its goal was to convene European business leaders to talk about economic strategies and management techniques at a time of profound economic and geopolitical transformation.
As the Forum gained recognition, it broadened its purview to encompass world influencers, policymakers, and political leaders. The World Economic Forum was formally renamed in 1987 to reflect the organization’s global reach and enlarged mission to address social, environmental, and geopolitical issues in addition to business concerns.
Founder of WEF
Professor Klaus Schwab is the founder and executive chairman of the World Economic Forum. He established WEF with the vision of creating a platform where diverse stakeholders could come together to improve the state of the world. Klaus Schwab introduced the concept of “stakeholder capitalism,” emphasizing that companies should serve the interests of all stakeholders—including employees, communities, and the environment—not just shareholders.
Major Milestones in WEF History
- 1971: WEF is founded as the European Management Forum.
- 1987: Officially renamed the World Economic Forum to reflect its global reach.
- 1992: First WEF Annual Meeting after the fall of the Berlin Wall promotes dialogue between East and West Europe.
- 2004: Launch of the Global Competitiveness Report, influencing global economic policies.
- 2015: Introduction of The Fourth Industrial Revolution (4IR) theme, focusing on emerging technologies like AI, robotics, and IoT.
- 2020: Launch of the Great Reset initiative during the COVID-19 pandemic, aiming to redefine global capitalism and sustainability goals.
- Present Day: WEF operates through multiple regional and global platforms, involving thousands of business leaders, policymakers, civil society groups, and academics worldwide.
Why is WEF Important in Industry and Global Context?
WEF is an important place for international cooperation. In order to address important global issues, it serves as an impartial facilitator, bringing together leaders from industry, government, academia, and civil society.
By promoting conversations about technological innovation, environmental sustainability, and moral leadership, WEF assists the industry in forming future business strategies. Additionally, it is a strong supporter of corporate responsibility, responsible investing, and ESG (Environmental, Social, and Governance) practices.
By launching important projects like the Global Competitiveness Report and the Global Risks Report, as well as significant campaigns centered on inclusive economic growth, digital transformation, and climate action, WEF has an impact on international policymaking.
Founding Members of the World Economic Forum (WEF)
| Country | Role in WEF Foundation | Year of Founding |
| Switzerland | Host country and home of WEF headquarters | 1971 |
| Germany | Key European business leader in early years | 1971 |
| France | Contributed to early international discussions | 1971 |
| United Kingdom | Early European participation and support | 1971 |
| Italy | Key European business and political influence | 1971 |
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FAQs on WEF Full Form
What is the World Economic Forum (WEF)?
The World Economic Forum (WEF) is an international organization founded in 1971 by Professor Klaus Schwab. It brings together global leaders from business, government, academia, and civil society to discuss and address key issues such as economic development, climate change, technological innovations, and sustainable growth. WEF is known for its Annual Meeting in Davos, where influential figures collaborate on global solutions.
What happens at the WEF Annual Meeting in Davos?
The WEF Annual Meeting in Davos, Switzerland is a gathering of global leaders, including CEOs, politicians, and academics, to discuss pressing global issues. It focuses on topics like economic growth, climate action, technology, and social inequality. The event often leads to new global initiatives, policy proposals, and the creation of public-private partnerships aimed at tackling major world challenges.
Who attends the World Economic Forum (WEF)?
The World Economic Forum (WEF) is attended by influential figures, including heads of state, CEOs, academics, NGO leaders, and cultural influencers. These participants represent sectors such as business, finance, technology, health, and environment. The event is invite-only, bringing together global decision-makers to discuss the most urgent issues facing the world.
