More than 2,800 leaders from politics, economics, business, science and society across 120 countries were invited to the 54th annual meeting, scheduled from this Monday through January 19. The World Economic Forum, commonly known as the WEF, has convened in Davos, a renowned Swiss Alps ski resort since 1971, growing into the largest resort of its kind. Davos is widely recognized as a hub for global capitalism.
For more than half a century, Davos discussions have aimed to adapt the capitalist model to a world that has changed markedly. This is pursued under the banner of stakeholder theory, which seeks to align a company with the needs of employees, suppliers, customers, society and the environment, while critics from some NGOs question its effectiveness in combating inequality and climate change. The 2024 gathering is set against the backdrop of what WEF president Borge Brende called the most complex geopolitical and economic context in recent decades.
“The war in Gaza persists and there are fears that violence could escalate,” Brende warned, noting the ongoing conflict stemming from Russia’s invasion of Ukraine, now approaching its second year. Wars and geopolitical tensions are expected to define this year’s Davos agenda, with new political leaders taking the stage, including Argentina’s newly elected president Javier Milei, who will speak mid‑afternoon on Wednesday the 17th, followed by remarks from Pedro Sánchez and then Emmanuel Macron later that day.
Misinformation about the Israel and Hamas conflict circulating on Twitter
general pessimism
Brende expressed hope that the gathering of political and economic figures would help chart a path to prevent further deterioration and to illuminate the way forward. The edition’s slogan is Rebuild trust. The forum aims to address a fragmented world and widening social divides that fuel uncertainty and a prevailing sense of pessimism. The goal is to restore confidence in the future by moving beyond crisis management, tackling root causes, and building a more hopeful path ahead, Brende said on Tuesday. Klaus Schwab, founder and chairman of the World Economic Forum, echoed that message.
Red Sea disruptions threaten global trade and raise the risk of conflict
A space for diplomacy
The Davos Conference Center will host a wide range of participants, including top diplomats and policy leaders. Key figures slated to speak include the US secretary of state, who has much to discuss about current wars and geopolitical frictions. Other noted attendees include the US national security advisor, Jake Sullivan, the Israeli president Isaac Herzog, prime ministers from Lebanon, Qatar and Jordan, the Chinese premier Li Qiang, UN Secretary General António Guterres, NATO chief Jens Stoltenberg, the president of the European Commission Ursula von der Leyen, and the Ukrainian president Volodymyr Zelensky. It remains to be seen whether Zelensky will attend in person or remotely.
In total, more than 60 heads of state and government, alongside representatives from international organizations such as the IMF, the ECB, the World Bank and the WTO, will participate. Nadia Calviño, newly appointed vice president of the government, is set to join the European Investment Bank as president in the near term.
Experts foresee limited impact from Red Sea blockade
Spanish presence
Also represented are about 1,600 business leaders, including senior executives from large Spanish multinationals. Prominent names include Ana Botín of Santander, Carlos Torres Vila of BBVA, Josu Jon Imaz of Repsol, Francisco Reynés of Naturgy, Ignacio S. Galán of Iberdrola, José María Álvarez-Pallete of Telefónica, and Rafael del Pino of Ferrovial. The 54th meeting will kick off on Monday, with Swiss student activists planning demonstrations on Sunday against what they describe as a closed gathering of the powerful and the wealthy bearing responsibility for crises and wars.
Capitalism faces global challenges
A substantial portion of the working sessions will build on the Global Risks Report, drawing on the insights of more than 1,400 experts. The report relies on a survey of policymakers and business leaders conducted in September 2023.
In the 2023 Global Risk Report, inflation and social strain emerged as central concerns. The world faces a sharp short‑term inflation risk and growing worries about misinformation and extreme weather, all of which could contribute to a broader crisis in the near term. The year 2024 opened with these themes taking center stage.
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This agreement could influence political and economic dynamics as billions prepare to vote in a pivotal election year. Major economies spanning the United States, India and Mexico will hold elections this year, shaping how industry and leaders plan for 2025. The report cautions that misinformation and disinformation can erode the legitimacy of newly elected governments, a concern developed in collaboration with Zurich Insurance Group and Marsh McLennan ahead of the Davos meeting.
negative outlook
The latest survey finds a largely pessimistic view of near-term developments, with expectations of worsening conditions in the coming years. About 30 percent of global experts anticipate higher disaster risk in the next two years, with two‑thirds predicting such events within the next decade. Carolina Klint of Marsh McLennan notes that advances in artificial intelligence will alter risk perspectives for many organizations as they confront misinformation, disintermediation and strategic missteps. At the same time, supply chains will face greater strain from geopolitics and climate change, alongside rising cyber threats from a broader range of actors.