World Economic Forum Important for Pakistan

Media Coverage | July 10, 2019

Founded in 1971 the World Economic Forum (WEF) is an international organization for public-private partnership. The Forum engages the foremost business, political and other leaders of society to shape global regional and industrial agendas. With globalization moving forward at a fast pace WEF has become to be one of the most influential international economic organizations. Membership is awarded to leading companies on recommendation. Truly independent and impartial WEF is not tied to any special interests or groups. The WEF works under supervision of the 7-member Swiss Federal Council, which constitutes the Federal Govt, serving as the collective executive head of govt of the state of Switzerland

Geopolitical shifts have created new challenges affecting global dynamics. Today non-state actors have reshaped their agendas, adjusted their capabilities and are able to challenge and disrupt not only national systems but global ones also. Focus is made during the Davos meetings on the rising public anger against global inequality and globalisation. Klaus Schwab believes, “to withstand this threat, countries cannot simply close themselves off. The only way forward is to make sure that globalization is benefiting everyone.” Nations must cooperate and interact on shared interests. WEF’s reputation for great integrity is derived from its commitment of being totally impartial. Not tied to any political, partisan or national interests and “committed to improving the state of the World.” Global leaders are called on “to renew the systems that have supported international cooperation in the past by adapting them for today’s complex, multi-polar world in ways that foster genuinely inclusive growth.” To quote WEF founder and Executive Chairman Klaus Schwab in 2017 “Responsive Leadership means recognizing the increasing frustration and discontent among those not experiencing economic development and social progress. Their situation will only become more uncertain with the onset of the Fourth Industrial Revolution and its impact on future employment.”

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