World Economic Forum (WEF) released the Global Risk Report, 2022

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World Economic Forum (WEF) released the Global Risk Report, 2022

This annual report is based on the Global Risk Perception Survey. It highlights the major risks arising in five categories.

These 5 categories are: economic, environmental, geopolitical, social and technological.

  • Vaccine inequality and the resulting uneven economic recovery risk increased social inequality and geopolitical tensions.
  • For example, of the poorest 52 countries with 20% of the global population, only 6% have been vaccinated.

Economic Immobility:

  • By the year 2024, developing economies (except China) are expected to decline by 5.5% of their pre-pandemic expected gross domestic product (GDP) growth. Increasing reliance on digital system coupled with increasing cyber security threats.
  • For example, there was a 435% increase in ransomware related incidents in the year 2020.
  • Climate change-related impacts will be more severe with an estimated 200 million climate refugees by the year 2050.
  • Space will become a new field of use, as five other countries will develop space stations by 2030.
  • The increasing pressure to achieve the goal of a net zero economy can have serious short-term effects. For example, millions of workers engaged in carbon-intensive industries will be laid off and social and geopolitical tensions will also arise.

Risks Implications:

  • Income inequalities have led to increasing polarization and resentment within societies.
  • Regional convergence among countries has become necessary at the cost of global integration.
  • Forced migration is causing labor shortage as well as declining market demand.

Top 5 Global Risks

  • The failure of ‘climate action’
  • Extreme ‘weather events’
  • Loss of ‘Bio-diversity’
  • Decline in social cohesion and livelihood crisis

Top 5 risks for India

  • Decline in ‘interstate relations’
  • ‘Debt crisis’ in big economies
  • Widespread youth ‘disappointment’
  • Failure of ‘Technology Based Governance’
  • ‘Digital inequality’

Source – The Hindu

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