Rebuilding Trust at Davos 2024
S ince 1971, the World Economic Forum’s annual meeting has kicked off the year with a discussion on the challenges facing the world. The stage is set for the 54th annual meeting at snow-capped Davos to address major global issues and priorities for the year ahead. The forum will provide an opportunity to reflect on the key challenges facing the world, marked by the geopolitical tensions of recent years, but also by the trends that will define the future, such as the decarbonisation of the economy and artificial intelligence. Under the theme ‘Rebuilding Trust’, the five-day meeting aims to restore collective agency, and reinforce the fundamental principles of transparency, consistency and accountability among leaders. Analysts, experts and economists accord high importance to this year’s theme and agenda and expressed their hope it will help resolve current geopolitical issues, Palestine-Israel crisis, the Russia-Ukraine war, global economic slowdown and rising inflation and high energy cost, among others. They are of the view that the theme ‘Rebuilding Trust’ will provide solution to the pressing global issues while the secondary focus will be on achieving security and cooperation in a fractured world, creating growth and jobs for a new era, Artificial Intelligence (AI) as a driving force for the economy and society, and a long-term strategy for climate, nature and energy. ‘It’s no overstatement to say that AI will likely be the dominant topic in Davos 2024, with the eyes of political and business leaders fixed on the rapid development of this revolutionary technology,’ the AI House Davos spokesperson said. Other than AI, the forum is also expected to be working on monitoring and promoting new technologies such as autonomous vehicles, environmental innovations, digital trade and blockchain. “Overall, we may expect the forum to conclude that present and future technology innovations are best capitalised through international public and private sector cooperation, for the benefit of all,” according to Matthew Lane, co-founder and director of cyber security firm XCyber. With 2024 being a year of general elections in some of the major countries such as India, the UK, the EU, South Africa, Pakistan and the US presidential election in November, experts warn that these elections being influenced by AI-generated disinformation. “With the ability to mass produce false messaging and create fake images and videos, there are worries that AI could erode democracy,” says an expert.
Exploring opportunities The WEF’s meeting will primarily focus on exploring the opportunities enabled by the new technologies and their implications on decision-making and global partnership. It will include a wide spectrum of formats for interaction and learning, providing the leaders the necessary tools to tackle the current complexity and build the future. In addition, the meeting will also feature speeches by heads of state and key governments, as well as several geoeconomic and geopolitical debate. “We are living in a time of increasing geopolitical polycrisis, new economic policies shaped by the climate crisis, and rapid advancement of technologies such as artificial intelligence. Responding to such profound forces of change requires building trust on three levels: in our future, within societies, and among nations,” according to an economic consultancy. KEY TAKEAWAYS World Economic Forum publishes topics to be discussed in the meeting. • Davos 2024 aims to restore and reinforce the fundamental principles of transparency, consistency, and accountability among leaders • Governments, businesses, and civil society come together around a new economic framework and create job opportunities • Maintaining good use of Artificial Intelligence and curbing risks of it • Long-term strategy for nature, environment, and energy
What is Davos? Davos, Switzerland, is where the World Economic Forum holds its annual meeting. Delegates from many sectors converge for several days of talks and meetings to address urgent global issues.
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