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What is the full form of WEF?

By Anushree Goswami Last updated : April 20, 2024

The following are the full forms of WEF:

• World Economic Forum
• With Effect From

WEF: World Economic Forum

WEF is an abbreviation of the World Economic Forum. It is a non-profit organization in Switzerland. Its head office is situated in Cologny, Geneva. It is a self-governing global organization dedicated to providing help to the world by engaging in the business, political, academic and other leaders of the world to shape international, provincial and industry programs and list of items.

Image source: https://en.wikipedia.org/wiki/World_Economic_Forum

WEF History

• In 1971, the European Management Forum was established by Klaus Schwab, a business professor at the University of Geneva.
• In 1987, the name European Management Forum changed to World Economic Forum.
• In the summer of 1971, Schwab made a formal request to 444 executives from Western European organizations to join at the first European Management Symposium held in the Davos Congress Centre under the support and sponsorship of the European Commission and European industrial associations.
• In January 1974, for the first time, political leaders were requested formally to the annual meeting.
• In 1992, South African President F. W. de Klerk meets up with Nelson Mandela and Chief Mangosuthu Buthelezi at the annual meeting.
• At the 1994 annual meeting, Israeli Foreign Minister Shimon Peres and PLO chairman Yasser Arafat arrived at a draft contract on Gaza and Jericho.
• In late 2015, the invitation was extended to comprise a North Korean delegation for the 2016 WEF.
• In 2017, the WEF in Davos captivated substantial interest when for the first time; a head of state from the People's Republic of China was present at the alpine resort.
• In 2018, Indian Prime Minister Narendra Modi gave the complete speech, turning out to be the first head of state from India to deliver the introductory keynote for the annual meet at Davos.
• In 2019, Brazilian President Jair Bolsonaro gave the keynote address at the absolute session of the conference.

WEF: With Effect From

WEF is also an abbreviation of With Effect From. It is used to correspond to the opening date of something. For example: If a person is the owner of a restaurant and he wants to raise the prices of every item after a particular date due to rising rates of vegetables and grains. Consequently, a person has to place this on notice like this:

"Due to rising prices of vegetables and other grains the restaurant would not be able to provide service at earlier prices. Therefore the management has decided to modify their menu and price card w.e.f 01/01/2020".