Elucidate the Full Form and Meaning of WEF
1. WEF – World Economic Forum
WEF Full Meaning is the World Economic Forum. It is an NGO established in 1971 and headquartered in Geneva, Switzerland. It is an independent organization committed to improving world policies through consistent dialogues and partnerships.
The WEF is composed of eminent intellectuals, global entrepreneurs, and public figures who strive for the highest forms of moral integrity. Unfortunately, though, in some cases, WEF has been accused as an elite class living in an ivory tower completely detached from reality.
A Short History of WEF
WEF is a membership-based organization and features the top corporations of the world. It was founded in 1971 by Klaus Schwab, a professor at the University of Geneva. Earlier it was known as European Management Forum and was changed to World Economic Forum in 1987 (WEF full form).
Soon, the political leaders from different countries have used the venue for promoting their interests. An invitation was extended to include the North Korean delegation for the summit of 2016. In 2017 for the first time, the head of state from the People’s Republic of China was present at the forum.
In 2018 Prime Minister Narendra Modi gave the plenary speech and became the first head of state from India to address an annual keynote meeting at Davos. WEF has highlighted climate change, change world geological patterns, and protectionism and terrorism as the major challenges faced by the modern world.
Mission of WEF
WEF is an independent forum and engages in consistent dialogues to facilitate the swift resolution of economic disputes. The activities of WEF are shaped by their unique stakeholder philosophy and carefully blend the multifaceted features of different entities in the organization.
The members of WEF come from different walks of life and bring in diverse geopolitical views that consistently reshape the diaspora of this truly global nonprofit entity. WEF believes that progress happens only when positive changes are affected throughout the world economy.
Impact of WEF
This brings a straightforward philosophy: to deliver the best and relevant minds and identify the ways to solve pressing global issues. For 50 years, WEF has been the agent of change that has influenced the policy structures of many governments and settled thousands of international disputes. This forum seeks to empower the world and help:
1. Shaping public policy through talks with key stakeholders
2. Working towards a collective goal for equitable distribution of scarce natural resources
3. Awakening the public through brand awareness programs and shifting the paradigm through consistent cooperation
1. WEF – With Effect From
WEF stands for and is used to indicate the start date of some application. This is also used to denote changes in prices from the aforementioned date. It is normally used in legal and business matters. It is also regularly used in WhatsApp, Facebook, Twitter, and Instagram by adults and teenagers since it's quite easy to understand.
Some Examples of WEF:
1. Trade restrictions have been imposed with effect from 1st May 2020.
2. The government has decided to cut the tax on fuel and subsidies wef 6th May 2020.
WEF
WEF is the World Economic Forum which is a non-profit organization that was established in January 1971 and this organization is based or has its headquarters in Cologny-Geneva, Switzerland which was established with the aim to improve the world states. It was previously known as the European Management Forum. It is independent and aims to improve world policies through partnerships and dialogues. It is composed of renowned intellectuals, world-wide entrepreneurs and public figures who strive for moral integrity. However, this organization has been accused of being an elite class which has no understanding of reality. It was founded by Klaus Schwab who was a professor at University of Geneva. It is the place where political leaders come to promote their interests. North Korea was invited for the summit of 2016 and the People's Republic of China was present at the forum. In 2018, Prime Minister Narendra Modi gave a speech at Davos and became the first head of state of India. WEF has focused on climate change, geological patterns changes and terrorism. It is an independent forum and it gets engaged in dialogues to provide resolutions of economic disputes. It is shaped so that it carefully blends into multiple features in the organization. The WEF members come from different walks of life and diversity in geopolitical views which aims to reshape the diaspora of the global non-profit diaspora. It believes in progress which occurs due to positive changes that affect the economy of the world.
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FAQs on WEF Full Form
1. What is the Work of the World Economic Forum?
It is an international organization striving for continuous public-private partnerships. The forum engages the eminent state leaders and private players with inconsistent dialogues to shape global and industry agendas.
2. What is the Funding Process of WEF?
The WEF Full Form in English is a world economic forum and is fully funded by its members. It includes leaders from large conglomerates with at least a $5 billion yearly turnover. It also includes celebrities, journalists, and individuals willing to pay the annual fees to attend the meeting.
3. What Does Davos Elite Mean?
Davos man refers to the global elite of wealthy men who despise their respective countries and consider themselves international. According to Professor Samuel P Huntington, they are loyal to only global capital.
4. What is the great reset initiative?
This initiative is based on the world economy assessment. This has occurred due to the pandemic’s detrimental effects on the technological revolution and global society and climate change being an additional factor. The main agenda of this is that the world must work together to sustain the societies and economies be it in education or social contracts of employment. The second part of their agenda is that every country must actively participate and even the oil, gas and technological industries so that there can be a ‘great reset’ for capitalism.
5. What is the structure of WEF?
It has its headquarters in Cologny, Switzerland and only offices in cities like Tokyo, Beijing and New York. It is designated an NGO under the Swiss Host-State Act given by the Swiss Federal Government. Fourth Industrial Revolution center was announced in the year of 2016 which provides a platform for interaction, insights and understanding the technological and scientific changes that will occur in the way we work and live and everything that is related to it.
6. What are the initiatives taken by WEF?
Some of the initiatives of WEF are as follows:
Global initiative for epidemics was launched on January 19th 2017 in Davos. It aimed to secure vaccine supplies for global emergencies and sudden outbreak of diseases. It also aims to provide supplies for research of new vaccines which are required for tropical diseases.
Fourth Industrial Revolution(4IR) was launched in the year of 2017 which was a collaboration with Stanford University and PwC. It was funded by the Mava Foundation. In 2018, they announced an Earth Bio-Genome project which aimed to sequence the genomes of every organism present on Earth.
7. Explain the agenda of WEF 2020?
There are mainly four major global issues under the agenda of WEF 2020. They are as follows:
Introduction of 4th Industrial Revolution to govern new technology.
Tackling new challenges that arise due to climate change and environmental degradation.
Understanding how new industries can transform to achieve new and sustainable business models for trade and consumption.
Finding adaptation for demographic, technological and social trends to shape education, entrepreneurship and employment.
8. How is WEF funded?
The WEF or World Economic Forum is funded by the member companies which are global enterprises that have around 5 billion dollars turnover. They play a major role in providing the funds within their industry and also for the country. Since it is a NGO, it mainly depends on the funds provided by the global figures of different countries.
