The World Economic Forum( WEF ) is a non-profit economic organisation based in Switzerland. It was established in 1971 as the “European Management Forum” by German economist and WEF Executive Chairman, Klaus Schwab. In 1987 the forum was renamed the “World Economic Forum”. The main purpose of the organisation is to improve the state of the world through Global Co-operation in a variety of areas by bringing together political, business, civil society and academic leaders from around the world. It also publishes a wide range of reports in a variety of fields including global risks, scenario analysis and competitiveness. It is funded by its members and partners.
Impact on the Binary Options Trading Market
The WEF has a direct and an indirect impact on the international economy through the innovation and through the formation of start-up companies and other business activities that happen as a result of the discussions that take place at Davos and the other WEF meetings and summits. This impact is also felt in the Binary Options Trading Market, through the WEFindirect effect on the value of major currencies, commodity prices, indices and stock prices of many companies, especially companies that participate in the Davos Summit.
Areas of Focus
Areas of focus includeinnovation, global economy, instability, inequality,climate change,education, international trade and investment, environment and resource security, health, global and regional employment, agriculture and food security, skills and human capital, gender parity, infrastructure and development, disaster relief and urban development.
Davos Annual Summit
The most well known event hosted by the WEF is their annual summit also known as their annual meeting held in Davos, Switzerland. The main purpose of the summit is for the world’s leading minds and stakeholders to gather together and exchange ideas about key issues and solutions related to the global economy, poverty, international conflicts, environmental problems and other areas of focus.It is a 4 day conference held in January each year with approximately 2,500 delegates from 100 countries and 220 sessions. Delegates include Head’s of Government, Cabinet Ministers, Politicians, Civil Servants, CEO’s (Chief Executive Officer) and other company representatives, Ambassadors, Professors, Academics and Think Tank representatives, Leaders and representatives of NGO’s (Non-Government Organisation),Union Leaders and Religious Leaders. The upcoming 2016 meeting will be held 20th-23rd January 2016 with the theme” Mastering the Fourth Industrial Revolution”.
Other World Economic Forum Events and Meetings
The WEF also hosts a variety of other events includingspecial meetings such as the Special Meeting on Unlocking Resources for Regional Development held in Istanbul Turkey in September 2014, regional meetings held annually in Latin America, East Asia, Africa and the Middle East and other annual meetings such as the New Champions which is held every summer in China.
In 2015 events hosted by the WEF included the WEF East Asia held in Jakarta, Indonesia; WEF Latin America held in Riviera Maya, Mexico; WEF Middle East and North Africa(MENA) held at the Dead Sea, Jordan; WEF Africa held in Cape Town, South Africa; WEF Japan Meeting held in Tokyo, Japan; Annual Meeting of the New Champions held in Dalian, China; Summit on the Global Agenda held in Abu Dhabi, United Arab Emeritus and the National Strategy Day on India held in New Delhi, India.
Issues that these meetings addressed include regional implications of a fast-changing global environment, the roadmap for transition in Latin America, responding to the Syrian refugee crisis, engaging Africa’s youth over the next 25 years, closing the economic equality gap, transforming Japan within the new global context, digital money, the modern silk road, gender parity, the digital industries of tomorrow, the future of Europe, possible solutions to climate change, young people joining extremist groups, global competitiveness, delivering growth in the new contexts, creating necessary infrastructure, renewing rural economies through agriculture and jobs of the future.
Subgroups within the World Economic Forum
Subgroups within the WEF include the Forum of Young Global Leaders, Open Forum, World Economic Forum USA, Technology Pioneers, Global Leadership Fellows, Global ShapersFoundation Members, Industry Partners, Partnering Against Corruption Initiative, Regional Partners, Strategic Partners, Global Agenda Councils, Civil Society, Strategic Foresight, Global Growth Companies, the Gender Parity Programme, Academic, Policy and Research Networksand the Schwab Foundation for Social Entrepreneurship.