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In News
- Recently, the World Economic Forum (WEF) released the Global Risks Report 2022.
About the report,
- The Global Risks Report series tracks global risks perceptions among risk experts and world leaders in business, government, and civil society.
- It examines risks across five categories:
- Economic
- Environmental
- Geopolitical
- Societal
- Technological.
Major Finding
- Social cohesion erosion”, “livelihood crises” and “mental health deterioration” are three of the five risks seen as the most concerning threats to the world in the next two years.
- This societal scarring compounds the challenges of national policy-making, limiting the political capital.
- Environmental risks—in particular, “extreme weather” and “climate action failure”—appear as top risks in the short-, medium-and long-term outlooks.
- In the medium term, economic risks such as “debt crises” and “asset bubble burst” also emerge as governments struggle to balance fiscal priorities.
- In the longer-term horizon, geopolitical and technological risks are of concern too—including “geoeconomic confrontations”, “geopolitical resource contestation” and “cybersecurity failure”.
- Severity: Environmental risks have the potential to yield the most damage to people and the planet, followed by societal challenges.
- Image Courtesy; WEF
- Growing insecurity in the forms of economic hardship, worsening impacts of climate change and political persecution will force millions to leave their homes in search of a better future.
-
COVID-19:
- The pandemic and its economic consequences continue to stifle countries’ ability to control the virus and facilitate a sustainable recovery.
- The most serious challenge persisting from the pandemic is economic stagnation
-
mental health deterioration and extreme weather events were exacerbated by the pandemic.
- The pandemic and its economic consequences continue to stifle countries’ ability to control the virus and facilitate a sustainable recovery.
- The global economic gap will widen by 2024 when the developing countries will have fallen 5.5 per cent below their pre-pandemic expected GDP growth and advanced economies would have surpassed the same by almost 0.9 per cent.
- Cybersecurity threats:
- Cybersecurity threats are growing and outpacing societies’ ability to effectively prevent or respond to them.
- Attacks on critical infrastructure, misinformation, fraud and digital safety will impact public trust in digital systems and increase costs for all stakeholders.
Suggestions
- Focus from leaders and public support is needed to strengthen international cooperation on global challenges.
- It is essential that businesses, policy-makers, and civil society advance comprehensive near- and long-term climate actions in line with the goals of the Paris Agreement on climate change.
World Economic Forum
Some major reports published by WEF are
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Source: DTE
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