Davos World Economic Forum

DEFINITION of 'Davos World Economic Forum'

The Davos World Economic Forum is one of the best-known platforms which brings together business leaders, investors, politicians and journalists from across the globe to discuss current global economic and social issues. The annual meeting of the World Economic Forum hosted at Davos—a small ski town in Switzerland—in January each year is among the most popular, well-attended and high-profile events globally which focuses on “shaping the global, regional and industry agendas.”

BREAKING DOWN 'Davos World Economic Forum'

The concept of Davos World Economic Forum was born in 1971 when Professor Klaus Schwab founded a non-profit organization in Switzerland originally known as the European Management Forum. This was the start of a process which drew business leaders primarily from Europe and other places for an annual meeting in January each year at Davos.

The social, political and economic happenings over the years have shaped the forum to its present form. One important milestone was in the year 1974 when political leaders were invited to Davos for the first time to attend the event. In 1987, the name of the European Management Forum was changed to the World Economic Forum. Along with the change in name, the vision of the forum was broadened to include providing a platform for dialogue. The Davos Declaration signed by Greece and turkey in 1988 was another milestone in its journey.

The importance of Davos is best described by the World Economic Forum itself, which says, “The Forum engages the most experienced and the most promising, all working together in the collaborative and collegial spirit of Davos.”