Davos, Switzerland, hosted the World Economic Forum (WEF) 2024, gathering over 2,800 leaders, including 60 heads of state, 40 foreign ministers, and more than 350 central bank governors. Under the theme “Rebuilding Trust” the forum aimed to foster impactful resolutions amidst a multifaceted global landscape. The event unfolded against the backdrop of intricate geopolitical and geo-economic landscapes, with elections in over 50 countries, including major players like the USA, India, and numerous African nations.

Artificial Intelligence emerged as a critical topic of discussion, particularly relevant to South Africa’s digital transformation journey. The forum recognised the need to leverage AI for societal benefit while addressing regulatory challenges and managing technological advancements in 5/6G and quantum computing. In his address António Guterres, the UN Secretary-General, expressed, “We need a systematic effort to increase access to AI so that developing economies can benefit from its enormous potential. We need to bridge the digital divide instead of deepening it.” He called for the complete involvement of the private sector in the UN’s multi-stakeholder effort to mitigate this issue.

The discussions highlighted the importance of adopting a balanced approach to AI, ensuring its benefits are harnessed for societal good while mitigating potential risks. Leaders explored strategies to adapt to and adopt AI, emphasising the need for widespread training to enable effective utilisation.

A pivotal element of the WEF 2024 was formulating a long-term strategy for climate, nature, and energy. The imperative to develop systemic approaches for achieving a carbon-neutral and nature-positive world by 2050 was discussed, focusing on balancing trade-offs to achieve social consensus. Notably, the South African government’s commitment to addressing the energy crisis aligned with the broader global conversation on sustainable practices.

South African Finance Minister Enoch Godongwana highlighted the nation’s commitment to structural reforms to enhance economic growth and competitiveness. The energy crisis, a key concern, was underscored as a critical factor impacting trust and stability for international investors eyeing opportunities in Africa.

Discussions revolved around the delicate balance required to address climate change, ensuring that economic growth is not at the expense of environmental degradation. Speakers discussed innovative solutions for transitioning to renewable energy sources, promoting biodiversity, and achieving sustainable development goals.

The forum delved into the intricate relationship between geopolitical dynamics and economic resilience, recognising the interconnectedness of global affairs. Discussions centred around fostering cooperation and addressing disparities, acknowledging that economic prosperity is contingent upon stable geopolitical landscapes.

Many addressed the escalating threat of disinformation, a concern notably absent from the top risks in the WEF’s 2023 report. Disinformation was highlighted as the most significant short-term risk and the fifth-biggest long-term risk, reflecting its explosive impact in an environment marked by social polarisation, fragile democracies, heightened geopolitical tensions, and evolving technological challenges.

Participants discussed the role of disinformation in eroding trust, highlighting the need for proactive measures to combat its spread. The forum highlighted the role of AI in amplifying disinformation, necessitating collaborative efforts to develop robust strategies for countering misinformation in the digital age.

As an intertwined global village, the 2024 WEF addressed the critical role of media and communications in shaping public sentiment and influencing global affairs. The responsibility of media professionals as intermediaries was underscored, emphasising the importance of fact-checking, integrity, and disseminating honest and legitimate information. Attendees acknowledged the interconnectedness of global media, highlighting the need for collaborative efforts to ensure the responsible dissemination of information. Further discussions extended to the evolving role of media in the digital era, exploring innovative approaches to combat disinformation and foster transparency.

The 2024 World Economic Forum served as a comprehensive platform for leaders to navigate the intricate nexus of geopolitical challenges, technological advancements, and climate imperatives. The extensive discussions and resolutions at Davos reflected a collective commitment to rebuilding trust and addressing the multifaceted issues that define our rapidly evolving world.

As we move forward, the lessons from Davos underscore the importance of global collaboration, responsible media practices, and proactive measures to navigate the complexities that lie ahead. The forum’s impact extends beyond the event itself, shaping the global dialogue on overlapping issues critical to the prosperity of nations and the well-being of humanity.