The World Economic Forum (WEF) held its annual meeting in Davos, Switzerland, in January 2024, gathering approximately 3,000 political leaders, chief executive officers, and tech innovators. Under the theme "A spirit of dialogue," participants addressed a range of global challenges, including geopolitical conflicts, economic inequality, the implications of artificial intelligence, climate change, and declining international trust. The meeting marked a significant leadership transition for the WEF and saw prominent figures, including U.S. President Donald Trump, attend amidst discussions on global trade, technological advancements, and societal preparedness.
Overview of the Meeting
The World Economic Forum's annual meeting convened in Davos, Switzerland, in mid-January 2024, with the core event typically running from January 15 to 19. The gathering attracted around 3,000 attendees, including a reported 400 political leaders, 850 company bosses, and 100 tech innovators. The overarching theme for the 2024 forum was "A spirit of dialogue," emphasizing the importance of international cooperation in a landscape characterized by uncertainty and geoeconomic shifts.
Key Participants and Delegations
U.S. President Donald Trump attended the forum in person, marking his return since 2020. He led what the WEF described as the largest U.S. delegation to date, which included Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, Middle East special envoy Steve Witkoff, and adviser Jared Kushner. President Trump was scheduled to address the forum and conduct bilateral meetings, with potential discussions on a "Board of Peace" initiative for Gaza.
Other notable attendees from G7 nations included French President Emmanuel Macron, Canadian Prime Minister Mark Carney, German Chancellor Friedrich Merz, and U.K. Finance Minister Rachel Reeves. European Commission President Ursula von der Leyen and China's Vice Premier He Lifeng also participated. Heads of state and government from Argentina, Indonesia, Pakistan, Syria, and Ukraine, including President Volodymyr Zelenskyy, were present. High-profile business and tech leaders included J.P. Morgan CEO Jamie Dimon, Nvidia CEO Jensen Huang, Microsoft CEO Satya Nadella, Anthropic CEO Dario Amodei, DeepMind CEO Demis Hassabis, and OpenAI's Chief Financial Officer, Sarah Friar. The U.S. established its first-ever 'USA House' in Davos for official events and investor engagement.
Several prominent figures did not attend, including Chinese President Xi Jinping, Brazilian President Lula da Silva, and Indian Prime Minister Narendra Modi, though their countries sent strong delegations. Saudi Arabia's Crown Prince Mohammed bin Salman was not listed, but several Saudi ministers were scheduled to attend. The Danish government declined its invitation following a dispute regarding Greenland. Japanese Prime Minister Sanae Takaichi remained in Japan due to a snap election, and Spanish Prime Minister Pedro Sanchez canceled his attendance following a train collision in Spain.
Agenda and Core Discussions
The 2024 agenda focused on five core areas: the geopolitical environment, artificial intelligence, climate and nature, new sources of economic growth, and "people and preparedness." Discussions were anticipated on:
- Geopolitics: The global landscape, described by a forum managing director as "more competitive, more contested," led to discussions on geo-economic conflicts, trade tariffs, and declining trust between nations. Specific regional issues like Ukraine, Venezuela, Gaza, and Iran were also on the agenda. President Trump was scheduled to meet with President Zelenskyy and G7 allies to discuss U.S. support for Ukraine's security guarantees post-potential peace agreement with Russia.
- Economic Challenges: Policymakers and business leaders addressed heightened trade tensions, protectionist policies, and global debt levels, which have reached post-World War II highs. The International Monetary Fund (IMF) highlighted concerns for several African countries regarding debt. Economic confrontation between nations was identified as a top risk in the WEF's annual Global Risks Report.
- Artificial Intelligence (AI): AI was a central topic, with several dedicated events. Discussions covered its potential in fields like medicine and education, alongside concerns about its impact on employment, potential to exacerbate the digital divide, perpetuation of biases, and the spread of misinformation and deepfakes. These risks, along with cybersecurity, were highlighted in the WEF's risk survey.
- Climate and Nature: Strategies related to climate action and environmental stewardship were also part of the forum's dialogue.
Economic and Technological Landscape
The global economy has shown resilience, partly attributed to AI investments in the U.S. However, projected global growth of 3.1% in 2026 is considered insufficient by some. The Edelman annual trust barometer reported increased fears of trade conflicts and recession, a decline in optimism, and a trend towards "insularity." The survey indicated that trust is largely concentrated among CEOs of respondents' own companies and neighbors, with a significant percentage believing institutional leaders deliberately mislead the public.
An Oxfam report released during the forum indicated that billionaire wealth increased by over 16% last year, reaching more than $18 trillion, a growth rate three times faster than the past five-year average. Oxfam stated that this increase could fund the eradication of extreme poverty 26 times over and attributed the trend to factors including tax reductions for the wealthy and policies favoring AI-related stock growth. The organization advocated for national efforts to reduce inequality, higher taxes on the ultra-rich, and stricter limits on lobbying.
WEF Leadership Transition
This meeting was the first without WEF founder Klaus Schwab at the helm. Schwab stepped down in April 2024 following decades of leadership. An independent inquiry into allegations of personal use of funds cleared him of criminal misconduct, finding only minor irregularities. He has been succeeded by interim co-chairs Larry Fink, CEO of BlackRock, and Andre Hoffmann, vice chair of Swiss pharmaceuticals company Roche Holdings, who were appointed in August. The new leadership aims to reinforce the WEF's economic orientation and increase participation from CEOs.
External Context and Criticisms
Ahead of the event, protests occurred in and near Davos, with participants displaying banners such as "No Profit from War." Critics argue that the WEF often generates more discussion without leading to tangible outcomes and highlight a perceived disconnect between attendees and pressing global issues. Companies and governments, including Microsoft, Tata Consultancy, TikTok, CrowdStrike, Nigeria, Qatar, Ukraine, and the United States, established promotional spaces during the forum.