21-Jan-2023: 53rd edition of the annual World Economic Forum summit held

Theme: Cooperation in a Fragmented World

Key points:

• Coalition of Trade Ministers on Climate launched - brings together over 50 countries to boost international cooperation on climate, trade and sustainable development.
• Chief Economist's Outlook launched - two-thirds of those surveyed expecting a global recession this year 2023. It explores the key trends in the economic environment, including the prospects for growth, inflation and monetary and fiscal policy. It calls for the importance of reskilling in order to prepare current and future workforces for the green transition, the digital transition and the jobs of the future.
• Giving to Amplify Earth Action initiative launched to leverage philanthropic capital to unlock funding for the climate crisis.
• Global Collaboration Village metaverse platform announced. The digital world, designed to look like the actual town of Davos in which the organization meets once every year, will supposedly allow for more efficient collaboration between world leaders.

Indian perspectives:

• India represented by high-level delegation
• Focus areas: investment opportunities, infrastructural landscape, inclusive and sustainable growth story
• India's resilience and economic trajectory:

India has crossed many barriers after the Covid-19 crisis and repositioned itself as the fastest-growing economy.

Some prominent indicators for India to see robust economic growth include World Bank's latest India development update, which said India's real GDP growth is expected to be at 6.9 % in FY22-23 in comparison to 8.7 % in FY21-22.

• India@100 report launched, projecting India's economy to reach USD 26 trillion by 2047

World Economic Forum

Swiss nonprofit foundation established in 1971

Mission: improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas

Founder and Executive Chairman: Klaus Schwab

Major reports published:

• Energy Transition Index
• Global Competitiveness Report
• Global IT Report (with INSEAD and Cornell University)
• Global Gender Gap Report
• Global Risk Report
• Global Travel and Tourism Report