New Delhi

The global elite gather at Davos for the World Economic Forum (WEF) summit against the most complex backdrop so far. 

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The theme this year is 'rebuilding trust', which will focus on the increasingly fractured world. 

Geopolitical tensions, the rise of Artificial Intelligence, the ongoing economic slowdown and the climate emergency will be the top discussion points, when global leaders meet from January 15th to the 19th.  

President Borge Brende expects much of this year's focus to be high-level diplomatic talks on the wars in Ukraine and West Asia.  

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“We will make sure that we bring together the right people ... To see how we can solve this very challenging world,” Brende said.  

The annual meeting gives insight to the minds of global leaders, who decide the social, political and economic trajectories of their countries.  

Yet, the Davos summit continues to attract criticism for being an ‘elite’ talking shop, disconnected to the grim realities of the outside world.   

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To begin with, the annual meeting remains a 'by invitation only' event.  

World Economic Forum members can attend the event for free. But membership rates start from $69,000 and reach up to $600,000 for the corporate world.  

That is not all. Estimates peg the cost of travel and stay at over $300,000 for the week, something the general public cannot afford.  

Visuals of many attendees jet-setting to the meeting – many of them talk about climate change and sustainability – have attracted criticism. Last year, Greenpeace activists slammed attendees for the “distasteful master class in hypocrisy”.  

The summit ends up being a holiday tour for the elite, with negligible returns. 

For over a decade now, every Davos meeting raises one big question - is the annual summit losing relevance as the world turns more uncertain? 

The war in Ukraine has dominated the last two World Economic Forum meetings, with very little change to the situation.  

Ukraine President Volodymyr Zelensky is again expected to make a speech. But it is unclear if any Russian officials would attend. 

On the economic front, the event has continued amid the COVID-19 pandemic, economic slowdown & sky-rocketing inflation. 

In the same period, corporate profits have reached record-levels while over 500 million people entered extreme poverty.  

Karl Schwab, the WEF's founder, champions globalisation. In a 2017 article, he argued that globalisation has pulled over a billion people out of poverty.  

But he did agree that “in its present form, globalisation is no longer fit for purpose in our current context.”  

Data also points to the gradual decline of 'neoliberal' globalisation – of the kind often associated with the WEF. 

Global trade, as a percentage of the world's Gross Domestic Product, is now at levels seen in 2008, when the global financial crisis disrupted the economic growth engine. 

The ongoing US-China trade war, along with the tensions in West Asia and on the edge of Europe, are only going to make matters worse. 

WEF organisers have also emphasised the attendance of key leaders from the 'Global South' – a term used for developing countries.  

India, which aims to lead the ‘Global South’, will make make its presence felt at Davos. Several Indian states, including Maharashtra, Tamil Nadu and Karnataka, will pitch themselves as an investment destination.  

Apart from India, the African continent will expand its presence this year, aiming to foster greater collaboration with the developed world.  

The Davos summit provides a global platform for the ‘Global South’ to woo the world’s biggest corporations. 

Nevertheless, previous meetings have not resulted in any meaningful investment in countries needing it badly.  

This year's theme reflects the changing dynamics of the world, where geopolitics is increasingly dictating trade and economics.  

Terms like ‘de-globalisation’, trade fragmentation and ‘nearshoring’ are becoming a reality. But is the World Economic Forum adapting to the changes?  

The world will find out over the next five days.