The World Economic Forum, formerly known as the World Wide Web Institute for Economic Policy Research, is a global think tank promoting free market capitalism. It also advocates an open international trade. The members of this think tank include prominent economists, business leaders, investment bankers, policy makers, and other eminent personalities from different walks of life. It also includes a number of representative from government and other leading agencies of state and society, as well as scholars and specialists in various fields.
The main goal of the World Economic Forum is to provide timely advice on economic and social issues to a wide audience. The organization claims that it has been able to hold hundreds of conferences and workshops covering a wide range of topics on all aspects of world economy and the policies that affect it. Its main goal is to enhance economic growth and encourage competitive advantages around the world. For this purpose it holds regular seminars and workshops, as well as publishing a magazine, the 'Weltmuller Woche'.
The Annual World Economic Forum is one of the most important forums held every year, with the participation of over one hundred and twenty-five countries. The main topic this year is the global economic slowdown and what it will do to the world economy. International Trade Minister Dato Piliangco and Chinese premier Li Keqiang attended the conference, along with several other high officials from both countries. Among those present at the forum were finance ministers of both South Korea and China. Singapore's prime minister, Mr S. Rajoy, was also present.
Dr Rajoy was the special guest of honor and the topic of discussion at the forum was the global financial and debt crisis. The prime minister discussed the challenges that the world economic forum hopes to see addressed in the next year. He noted that there are still many challenges to be faced, in combating poverty and hunger, climate change and the illegal drug trade, and political stability in many parts of the world. However, he said that together, these nations can work to address these issues by implementing new institutions and policies, such as an intergovernmental organization to coordinate efforts and a mechanism to guide economic growth.
The Swiss government, on the other hand, has expressed optimism about the outcome of the World Economic Forum. “The time is right for a change in the way the world economy is managed,” said Swiss Finance Minister Micheve Wallraven. He went on to state that the two prime ministers agreed that it is important for Switzerland to play a key role in promoting a stable and open global economy. According to him, bilateral cooperation, multilateral associations, and a commitment to sustainable economic growth were discussed at the meeting. The two sides are expected to finalize a number of measures to implement part of the agenda agreed during the gathering.
The Green Switzerland platform was also highly praised by several business executives, following the signing of the deal on the sidelines of the forum. Environment minister Gabrielle Steinem suggested that the move, which is in line with the goals of the United Nations process on climate change, would be able to boost the Swiss economy. Environment minister Phil Schaeuble stated that the foundation of the new economic forum will help enhance the competitiveness of the Swiss businesses and strengthen the environment. The forum is expected to increase the competitiveness of the Swiss economy and will contribute to creating more sustainable aviation capacity.
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