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The Latest on the World Economic Forum's annual meeting in the Swiss ski resort of Davos (all times local):

1:30 p.m.

The World Economic Forum, which organizes the annual gathering of the global political and business elites in the Swiss ski resort of Davos, says the focus on economic growth, which has guided policymaking for decades, is no longer fit for purpose.

In a report published Monday, the WEF proposed a shift in policymaking to "respond more effectively to the insecurity and inequality accompanying technological change and globalization."

The WEF's main recommendation is that governments make improving living standards one of their key goals.

It says most countries are "missing important opportunities to raise economic growth and reduce inequality at the same time," adding that measurements such as life expectancy, productivity and poverty rates should be priorities.

Under a new ranking system that incorporates so-called "inclusive development," the WEF rated Norway top, followed by Luxembourg and Switzerland.

The issue of inequalities both within countries and across the world is a key focus of this year's WEF, which officially opens Tuesday.