World Economic Forum Chair Klaus Schwab told elected officials and corporate leaders gathered at the organization’s annual conference in Davos, Switzerland, on Tuesday that the world’s present economic and geopolitical challenges are opportunities for “transformation.”
The organization is a leading proponent of stakeholder capitalism, an economic philosophy in which executives consider the needs of communities and other parties in addition to shareholders, as well as increased cooperation between public and private actors to chart the direction of mankind.
“We are confronted with unprecedented and multiple challenges. First, our global economy is undergoing deep transformation,” Schwab said during his opening address. “The energy transition, the consequences of COVID, the reshaping of supply chains are all serving as catalytic forces for the economic transformation.”
