3rd Annual Bloomberg New Economy Forum | UPSC

3rd Annual Bloomberg New Economy Forum | UPSC


Prime Minister Shri Narendra Modi will deliver an address at the 3rd Annual Bloomberg New Economy Forum on 17th November 2020 at around 6:30 PM IST .

      WHY IN NEWS:

Inaugural Bloomberg New Economy Forum Concludes with Private Sector Leaders Pledging Innovative New Solutions to Address Global Challenges

SYLLABUS COVERED: GS 3: Trade , Investment , Science and Technology : Forum


For PRELIMS go through aim , mission and core themes of the summit .

For MAINS note down the challenges in your Mains book . These will help you for a long-long time . Let us dive in !




  • The Bloomberg New Economy Forum was established in 2018 by Mr. Michael Bloomberg.

The inaugural Forum was held in Singapore, and the second annual Forum was hosted in Beijing.

  • These solutions will help in facing critical challenges facing a world economy in the throes of a historic transition.


It seeks to build a community of leaders to engage in real conversations leading to actionable solutions

  • These covered a range of topics, including global economic management, trade and investment, technology, urbanization, capital markets, climate change, and inclusion.
  • This year, as the world economy is grappling with the Covid-19 pandemic.
  • The forum will witness discussions centered on refuelling the economy and charting a course for the future.


  • To realize the potential of a healthy New Economy by enabling global leaders from East and West to forge common ground.

To galvanize the private sector to take tangible steps toward tackling inequality and climate change.

  • The community applies emerging technologies, business practices, and strategic partnerships to make meaningful progress.


  • Private sector leaders from more than 70 organisations commit to lead solutions.
  • It is in response to critical challenges facing the global economy in areas such as sustainability, AI and gender equality.

Bloomberg’s SolutionsLab is to foster collaboration between public and private sector leaders of new economies, and to deliver actionable solutions over the next year

  • A new community of world leaders and global CEOs come together to seek private sector-led solutions to address the emerging risks, opportunities and challenges.
  • The community included a diverse group of new economy, united with the common goals of tackling these shared challenges.

3rd Annual Bloomberg New Economy Forum | UPSC


Participants proposed private sector-led solutions to important global issues, covering six themes:

  • Globalization and trade
  • Technology
  • Finance
  • Capital markets
  • Climate
  • Urbanization
  • Inclusion.


The challenges included:

  • DEVELOP A CORPORATE CERTIFICATION PROGRAM FOR WORKER RESKILLING : A voluntary, global corporate rating standard that companies can earn for their programs to retrain and re-deploy workers for the modern economy.
  • COMMIT TO HIRE AND INTEGRATE REFUGEES : Train and hire refugees worldwide and provide employment that is essential to successful refugee integration in society
  • CREATE GLOBAL BEST PRACTICES FOR GENDER PARITY : Create a new business-led coalition to support commitment to transparency, accountability and reporting of progress on gender equality data.
  • DEVELOP A SOCIAL CONTRACT FOR BUSINESSES : Develop a private-sector perspective and provide recommendations on a “New Corporate Social Contract
  • CREATE GLOBAL PRINCIPLES FOR APPLYING AI : Outline pillars for “AI Principles of AI Users” to lead responsible and beneficial use
  • DEVELOP URBAN WORKFORCE MOBILITY INITIATIVES : Improve urban mobility through exploring employee mobility options.
  • ACCELERATE FINANCIAL INCLUSION OF ENTREPRENEURS : Creation of global partnerships to improve the financial inclusion of Micro-, Small and Medium Enterprises (MSMEs) in developing countries
  • CREATE A MORE SUCCESSFUL MARKET FOR RECYCLED PLASTICS : Private sector-working group that will align on one or more pilot programs that aim to stabilize markets for recycled plastics
  • SUPPORT TALENT IN SUPER CITIES : Private-sector coalition of companies to equip Super Cities’ public administrators with the skill sets they need
  • GREEN OUR SUPPLY CHAINS : Formation of a business-led working group developing and sharing a portfolio of sustainable supply-chain tools to meet global environmental goals.


  • The conversations include executives representing the largest and most influential businesses in new economies today.

To turn these commitments to action, more than 70 organizations have committed to a newly created New Economy Forum “SolutionsLab”.

  • It designed to bring together a diverse group of leaders and experts to action on key solutions over the next year.
  • Progress and outcomes will be shared at the New Economy Forum in Beijing in November next year.
  • The event is co-hosted by Bloomberg and the Chinese Center for International Economic Exchanges (CCIEE).

      IASbhai WINDUP: 


  • Bloomberg is the global business and financial information and news leader.

It gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas.

  • Bloomberg – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Terminal.
  • It  has been leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively.

“Talk is good.But talk followed by action is better.”

SUGGESTED READING : www.neweconomyforum.com. 
     SOURCES:  PIB | 3rd Annual Bloomberg New Economy Forum | UPSC



If you liked this article, then please subscribe to our YouTube Channel for Daily Current Affairs , Editorial Analysis & Answer writing video tutorials. You can also find us on Twitter and Facebook.


You May Also Like