Does WEF still hold up as a relevant institution to drive global collaboration and change?
The Swiss snow returned to the World Economic Forum (WEF) this week for the first time since 2020. However, while the skis, snow boots, and icy streets felt familiar, the event they symbolised had changed. There were fewer politicians, more billionaires, and an intense sense of uncertainty.
This year’s annual meeting opened against a gloomy backdrop of economic headwinds, conflict, and the consensus that globalisation was fractured beyond repair. The myriad of concerns – labelled “polycrises” by WEF – certainly shifted the mindset of attendees on the ground, but also called into question the role Davos could and should play in finding solutions.
In a world of greater political protectionism – where issues at home take precedent over global conversations – does WEF still hold up as a relevant institution to drive global collaboration and change? We believe so, but it must move with the times.
Davos 2023, from China to ChatGPT
While sceptics question the real–world impact of WEF, its role as an economic and geopolitical barometer for the year ahead remains invaluable. This year’s meeting was enriched with appeals, forecasts, and future–gazing that will dictate the agenda in 2023.
The first shoots of a green trade war emerged, with the EU hitting back at legislative efforts from Joe Biden to attract the region’s leading green innovators to US shores. Ukrainian president Volodymyr Zelensky once again laid bare the reality of war, pleading with his global counterparts to provide faster support for his nation in the war against Russia. Experts warned food prices hadn’t yet peaked.
Yet, it was not all doom and gloom. China began re–building relations with Western investors. The IMF upgraded its forecasts for 2023 to reflect positive economic indicators. And the “calculator for writing” – OpenAI’s ChatGPT – was the talk of Davos, as the power of artificial intelligence came to the fore. While focus was very much on the now, the Forum could not resist a glance to the future.
Davos is also a busy time for Ketchum and the wider Omnicom network. From supporting clients with bi-lateral discussions and speaking engagements on the ground to producing daily intel reports through the Ketchum Davos Hub, our colleagues around the world have kept their fingers on the pulse to provide partners with the consultancy, insights, and intelligence required to optimise the rich array of opportunities emerging from this year’s WEF.
Succession and evolution
So, as WEF closes for 2023, attention turns to what the meeting will look like in 12 months’ time. The organisation’s founder, Klaus Schwab, is reportedly planning his succession, apathy towards the event is rising, and one could argue that the current magnitude of global issues is too large to be addressed in Davos.
As such, there is quiet anticipation that its evolution is just around the corner. This transition opens a much–needed opportunity for new ideas, new innovation, and new thought leadership that could redefine the value of Davos to all that attend or watch from afar.
For example, the role of businesses at Davos continues to grow. With attending global leaders few and far between – only one G7 leader travelled to Switzerland this year – observers have swiftly turned to CEOs to set the agenda, show openness to collaborate, and demonstrate tangible commitment to solving the world’s greatest challenges.
As a result, the World Economic Forum will remain a critical part of the corporate calendar for the foreseeable future. Wherever the post-Schwab era of Davos lands, it will be those that arrive to future meetings with a robust, dedicated communication strategy that will best positioned to make a positive impact in the new frontier.
Co–authored by Sarah Farnham (Senior Account Director, Corporate Reputation) and Jack Colman (Account Director, Corporate Reputation).
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