Recently, World Economic Forum has released the Global risk report-2022.
About the Report:
The Global Risks Report series tracks the perception of global risk by risk experts and global leaders in business, government and civil society.
It undertakes risks in five categories:
Economic
Environmental
Geopolitical
Societal
Technological
Finding of Report
"Decrease in social cohesion," "livelihood crisis," and "deterioration of mental health" are three of the five risks that are considered the world's most feared threats over the next two years.
This social scar exacerbates the country's policy-making challenges and limits political capital.
Environmental risks, especially "extreme weather" and "climate change," appear as the greatest risks in the short-term, medium-term and long-term outlook.
In the medium term, economic risks such as the “debt crisis” and the “burst of the asset bubble” are emerging as the government struggles to adjust its fiscal priorities.
Long-term geopolitical and technical risks such as "geopolitical conflicts," "disputed geopolitical assets," and "cybersecurity failures" are also concerns.
Environmental risks can do the greatest harm to people and the planet, followed by social challenges.
Growing geopolitical anxiety in the form of financial hardship, increasing impacts of climate change, and political persecution have forced millions of people out of their homes in search of a better future.
COVID-19
New Coronavirus Infection: Pandemics and their economic consequences continue to undermine the country's ability to control viruses and enable sustainable recovery.
The biggest challenge for a pandemic is economic stagnation Deterioration of mental health and extreme weather are exacerbated by pandemics.
Global economic disparities will widen in 2024, with developing countries 5.5% below pre-pandemic expected GDP growth and developed countries nearly 0.9% above.
Cyber security threats:
Cyber security threats are on the rise and are beyond the capacity of society to effectively prevent or respond to them.
Attacks on critical infrastructure, misinformation, fraud, and digital security undermine public confidence in digital systems and increase the cost of everyone involved.
Suggestions
Strengthening international cooperation on global challenges requires concentration of leadership and public support.
It is important that businesses, policy makers and civil society promote comprehensive short-term and long-term climate change measures in line with the goals of the Paris Agreement.
