The 16th edition of Global Risk Report published by the World Economic Forum looks back at an year wrecked by a pandemic, economic slowdown and the ever hovering threat of Climate change. It talks about what can be done by Governments and Businesses in their road to recovery. The Global Risks Report 2022 is an interpretation of the Global Risks Perception Survey (GRPS) conducted by World Economic Forum. It is an analysis of “key risks emanating from current economic, societal, environmental and technological tensions” according to its preface.
Among the top threats lies, not surprisingly so, the climate change. The report claims that climate-related risks are the greatest concerns in terms of impact. Five of the top 10 global risks are all environment or climate-related. The inadequate climate mitigation action proves to be the reason and cause of a global threat to mankind.
The report has given enough space to discuss the growing digital dependency in the wake of the pandemic. It says digital divide and inequality will only grow in the next ten years. The risks of cybersecurity are predicted to be heightened and to linger long after the pandemic is gone.
The report warns that the economic fallout due to pandemic and the recovery thereafter will be uneven and volatile in some cases. The experts in this global survey are not too optimistic about acceleration in recovery. The report documents that only one in ten experts believe that Global and equitable recovery will be achieved anytime soon.
On risks that have deteriorated since the pandemic began, it identified livelihood crises, mental health problems, social cohesion erosion, and extreme weather as the top contributors .
On India, the report said that, debt crises, fracture of interstate relations, widespread youth disillusionment, digital inequality, failure of technology governance are among the top risks for the Indian economy. The report further provides proofs of geopolitical tensions spilling over economy in the form of India and Japan putting up protectionist trade policies during the pandemic.
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