Davos Summit 2023: WEF - IE - 21/01/23

Context:
The 53rd edition of the annual World Economic Forum summit was held in Davos, Switzerland.
Theme: Cooperation in a Fragmented World.
Relevance:
GS2
About:
->Key Points of Davos Summit 2023:
a. Coalition of Trade Ministers on Climate: A new Coalition of Trade Ministers on Climate launched, bringing together over 50 countries to boost international cooperation on climate, trade and sustainable development.
b. Chief Economists Outlook: The Chief Economist's Outlook was launched, which struck a cautious tone, with two-thirds of those surveyed expecting a global recession this year 2023.
c. Giving to Amplify Earth Action: A new initiative Giving to Amplify Earth Action (GAEA) was launched to leverage philanthropic capital to unlock funding for the climate crisis.
d. Global Collaboration Village: WEF has announced the rollout of its own metaverse platform, dubbed the Global Collaboration Village

->Indian Perspectives:
a. Indian Participation: This year marks 36 years of the Forum’s collaboration with India. At the summit, India is represented by a high-level delegation which includes Union Ministers, Chief Ministers, Business leaders etc.
b. Focus Area: India’s focus areas at WEF remained investment opportunities, infrastructural landscape and its inclusive & sustainable growth story.
c. India’s Resilience and Economic Trajectory: India has crossed many barriers after the Covid-19 crisis and repositioned itself as the fastest-growing economy.
d. India@100: Realising the potential of a USD 26 trillion economy: The report, ‘India@100: Realising the potential of a USD 26 trillion economy’, was launched by India, on the sidelines of the summit.

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