UPPSC 2021 Prelims GS Paper-I · Question 145 of 150

Correct — A, the World Economic Forum (WEF). 'The Great Reset' was launched in June 2020 by the WEF and its founder-chairman Klaus Schwab (in partnership with then-Prince Charles) as an initiative to rebuild the global economy sustainably after the COVID-19 shock. It called for reforming capitalism around a more inclusive, resilient and green 'stakeholder' model, and became the theme of the WEF's Davos Agenda in January 2021. Being the Geneva-based body that convenes the annual Davos meeting of business and political leaders, the WEF — not a development bank, an intergovernmental economic organisation, or a UN trade body — is the one that ran this initiative.

• (b)World Bank — The World Bank is a development-finance institution (loans/grants for development); it did not launch 'The Great Reset', which was a WEF initiative.
• (c)OECD — The OECD is an intergovernmental economic policy organisation of mostly developed economies; it runs its own analyses but was not behind 'The Great Reset'.
• (d)UNCTAD — UNCTAD is the UN body on trade and development; 'The Great Reset' was a World Economic Forum initiative, not a UN one.

The World Economic Forum (WEF) is a Geneva-headquartered international NGO/foundation, founded by Klaus Schwab in 1971, best known for its annual meeting at Davos, Switzerland, where global business, political and civil-society leaders discuss economic issues. In June 2020 the WEF launched 'The Great Reset' as its agenda for a post-pandemic recovery — arguing that the COVID-19 crisis was an opportunity to 'reset' the world economy on more sustainable and equitable (stakeholder-capitalism) lines. It headlined the January 2021 Davos Agenda. The WEF also produces well-known reports such as the Global Competitiveness Report and the Global Gender Gap Report.

All four options are economy-linked organisations, which is the trap. Anchor on identity: 'Davos / stakeholder capitalism / Klaus Schwab' → World Economic Forum. The World Bank lends for development, the OECD is a rich-country policy club, and UNCTAD is the UN's trade-and-development arm — none of them convenes Davos or launched 'The Great Reset'.

• 'The Great Reset' was launched by the World Economic Forum in June 2020 for post-COVID economic recovery.
• It was driven by WEF founder-chairman Klaus Schwab and became the theme of the January 2021 Davos Agenda.
• The WEF is headquartered in Geneva and holds its annual meeting at Davos, Switzerland.
• WEF flagship reports include the Global Competitiveness Report and the Global Gender Gap Report.

• Assuming an intergovernmental body (World Bank/OECD/UNCTAD) rather than the WEF, an NGO, ran the initiative.
• Confusing WEF reports with those of the IMF/World Bank.

UPPSC/UPSC test the WEF via its identity (Davos, founder Klaus Schwab), its reports, and current initiatives like 'The Great Reset'.

• practice — not a real PYQ

  The 'Davos Agenda' meetings are convened by which of the following organisations?

  • (a)World Bank
  • (b)World Economic Forum
  • (c)International Monetary Fund
  • (d)World Trade Organization

  Answer(b) World Economic Forum — its annual meeting is held at Davos, Switzerland, and 'The Great Reset' headlined the 2021 Davos Agenda.

• practice — not a real PYQ

  Which of the following reports is published by the World Economic Forum?

  • (a)World Economic Outlook
  • (b)Human Development Report
  • (c)Global Competitiveness Report
  • (d)World Development Report

  Answer(c) Global Competitiveness Report — a WEF flagship (the others belong to the IMF, UNDP and World Bank respectively).