Recently, the World Economic Forum (WEF) released the Global
Risks Report 2023.
Key Highlights:
Published annually based on the Global Risks Perception Survey.
5 key risk categories: Economic, Environmental, Geopolitical,
Societal and Technological.
Global risks ranked by severity over short (2 years) and long term (10
years).
Short term:Cost of living; Natural disasters and extreme
weather events; Geoeconomic confrontation.
Long term: Failure to mitigate climate change; Biodiversity loss
and ecosystem collapse.
Findings
Top 5 risks for India are – Digital inequality, Geopolitical contest
for resources, Cost-of-living crisis, Debt crises, Natural disasters and
Extreme weather events.
Dominated risks: Cost of living (Short term) & Climate action failure
(long term).
Economic aftereffects of COVID-19 and Ukraine war resulted in
rising inflation, low-growth, low- investment era.
AI, quantum computing and biotechnology, etc. led Tech will exacerbate
inequalities and digital divide.
About the WEF
Established in 1971 as a not-for-profit foundation.
Headquarters: Geneva, Switzerland.
The WEF brings together the public and private sectors to work on
projects and initiatives that make a real difference.
