Most experts believe global economic recovery to be volatile, uneven over next 3 years, says WEF report…
Climate failure, growing social divides, increased cyber risks, and an uneven global recovery are among the top global risks for 2022, according to the World Economic Forum’s Global Risks Report released on Tuesday.
As the world enters the third year of the pandemic, the top long-term risks are considered to be climate-related, with societal divides, livelihood crises, and mental health deterioration standing as the top short-term global concerns.
And most experts believe “a global economic recovery will be volatile and uneven over the next three years.”
Among the four emerging risks are cybersecurity, competition in space, a disorderly climate transition, and migration pressures that require global collaboration for successful management.
“Health and economic disruptions are compounding social cleavages, creating tensions at a time when collaboration within societies and will be fundamental to ensure a more even and rapid global recovery,” said World Economic Forum Managing Director Saadia Zahidi.
“Global leaders must come together and adopt a coordinated multistakeholder approach to tackle unrelenting global challenges and build resilience ahead of the next crisis,” she said.
The climate crisis remains the most serious long-term threat facing humanity, stressed Peter Giger, group chief risk officer of Zurich Insurance Group.
“Failure to act on climate change could shrink global GDP by one-sixth and the commitments taken at COP26 are still not enough to achieve the 1.5 C goal,” he added.
Carolina Klint, risk management leader for Continental Europe, on the other hand, has drawn attention to cyber threats, saying organizations need to begin understanding their space risks.
“Particularly, the risk to satellites on which we have become increasingly reliant, given the rise in geopolitical ambitions and tensions,” she added.