World Economic Forum 2021 Is More Important Than Any Other Year, Here Is Why

Published January 29th, 2021 - 04:30 GMT
World Economic Forum 2021 Is More Important Than Any Other Year, Here Is Why
This year's virtual summit has been organized under the slogan: (Crucial year to rebuild trust). (Shutterstock: Boris-B)

Due to the COVID19 pandemic, this year's World Economic Forum in Davos has been organized virtually, bringing hundreds of delegates from across 60 countries to discuss the world's most significant issues.

Not only does this summit mark the first Davos meeting since the coronavirus outbreak started almost a year ago, but it is also the first summit since the end of former US President Donald Trump's term.

Under the slogan "Crucial year to rebuild trust," this year's 5-day summit has been focusing on the challenges that pose the most dangerous threats to global stability and economy during the pandemic era, including the required efforts to achieve a quick and fair economic reset, an end to poverty, disease control, shrinking inequality, fixing the global trade system, in addition to other development-orientated topics.

This year's summit has addressed several topics, including the environmental challenge of climate change, sustainability, emergency control, and the different suggestions that can be put forward to end the various forms of economic inequalities. 

In his speech during the WEF, UN Secretary-General António Guterres stressed the need for collaboration between public and private sectors in the coming years, in order for the global economy to ensure greater recovery, adding: "We need you more than ever to help us change course, end fragility, avert climate catastrophe and build the equitable and sustainable future we want and need."

Meanwhile, South Korean President Moon Jae-in brought the conference a more positive sentiment, talking about his country's plans to create a profit-sharing system that can narrow the gap between, despite his warning against polarization and deepening inequality amid the pandemic.

However, remarks between the Chinese and Russian presidents were more critical of global policies handling different issues. The Chinese President Xi Jinping warned the world of a new "cold war," calling for "a return to multilateralism and an increase of international cooperation to face the current pandemic.

The Russian president addressed what he called "US dominance over the tech world," saying that "it threatens democracies worldwide."

“Digital giants have been playing an increasingly significant role in wider society,” Putin said via videoconference. “In certain areas they are competing with states … Here is the question, how well does this monopolism correlate with the public interest? Where is the distinction between successful global businesses, sought-after services and big data consolidation on the one hand, and the efforts to rule society[…] by substituting legitimate democratic institutions, by restricting the natural right for people to decide how to live and what view to express freely on the other hand?” - Russian President Vladimir Putin

The Indian Prime Minister's remarks have also addressed the latest technological advancements, including data protection and cyber-physical systems. Moreover, Narendra Modi's speech highlighted his country's investments in AI technologies and additive manufacturing.

Do you think the World Economic Forum will be able to present practical plans that can eventually tackle the many challenges faced in today's world?

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