The World Economic Forum in Davos, Switzerland

The World Economic Forum in Davos, Switzerland
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The World Economic Forum in Davos, Switzerland
In 2018, the annual meeting of the World Economic Forum happened in Davos, Switzerland. The primary agenda of this meeting was to discuss how technological innovations can be harnessed to promote economic development. However, despite the fears or skepticism overshadowing the theme of the potential rising geopolitical risk and economic slowdown, technology cannot be avoided in the digital era. In reality, there are pros and cons for every new technological innovation. There exist well-defined strategies that can be used to neutralize the risk of emerging technologies. The primary concerning issues mentioned during the meeting were voter manipulation, data privacy, and algorithmic ethics (Reeves, 2020). The failure to consider technological innovation as a necessity for economic development can be perceived as turning away from reality. Technology is the backbone of economic growth, and many businesses continue to implement it every day.
Furthermore, numerous operations in almost every sector would have been halted during the COVID-19 pandemic if not for technological innovations. New technologies have facilitated the way people do business and distance learning in schools by avoiding the dangers of coronavirus. Specifically, COVID-19 fueled the deployment of the fourth industrial revolution (Sault, 2021). New technologies have reshaped the way individuals shop, socialize, work, and learn in the 21st century. In that light, Davos’ agenda should emphasize the way technological innovations can be used fairly and responsibly to promote economic development. Technologies have upsides and downsides. But that does not mean that people or businesses should not use them. For instance, data analytics and artificial intelligence (AI) significantly helped individuals respond to the COVID-19 pandemic. The AI alone can boost global economic growth b...