12th January 2022

Climate failure and social crisis top global risks 2022-World Economic Forum's Global Risks Report 2022
Trend

-Top risks are climate crisis, growing social divides, heightened cyber risks and an uneven global recovery, as pandemic lingers on
-Global survey of experts finds only 1 in 6 are optimistic and only 1 in 10 believe the global recovery will accelerate
-To resolve these systemic issues, global leaders must adopt a coordinated multistakeholder response, even as room for cooperation narrows.
Climate risks dominate global concerns as the world enters the third year of the pandemic. According to the World Economic Forum’s Global Risks Report 2022, while the top long-term risks relate to climate, the top shorter-term global concerns include societal divides, livelihood crises and mental health deterioration.
Additionally, most experts believe a global economic recovery will be volatile and uneven over the next three years.
Now in its 17th edition, the report encourages leaders to think outside the quarterly reporting cycle and create policies that manage risks and shape the agenda for the coming years. It explores four areas of emerging risk: cybersecurity; competition in space; a disorderly climate transition; and migration pressures, each requiring global coordination for successful management.
Carolina Klint, Risk Management leader, Continental Europe, Marsh, comments “As companies recover from the pandemic, they are rightly sharpening their focus on organizational resilience and ESG credentials. With cyber threats now growing faster than our ability to eradicate them permanently, it is clear that neither resilience nor governance are possible without credible and sophisticated cyber risk management plans. Similarly, organisations need to start understanding their space risks, particularly the risk to satellites on which we have become increasingly reliant, given the rise in geopolitical ambitions and tensions.”

WEF Trends(14 articles)