According to a new survey, with the third year of the Covid-19 pandemic on the horizon, there has been a heightened dependence on digital systems resulted in the risks posed by cyber threats globally, and as far as the Indian economy is considered, the fracture of the inter-state relations, youth disillusionment and digital inequality are the major reasons of concern. World Economic Forum (WEF) has released the latest Global Risks Report 2022 in which it stated that the climate-related risks dominated the list of threats that might be posed globally over the next decade.
Major Risks and Threats Prevailing Globally
The 17th edition of the Global Risks Report has counselled world leaders to think bigger and plan their agendas keeping in mind the long-term future. The major risks identified in the report include the dangers of the climate crisis, growing social divides, heightened cyber risks and uneven global recovery. Additionally, a global survey has suggested that only one out of six is optimistic about the global recovery.
The report has cautioned that the global risks are going to get worsened with the pandemic lingering around. Experts believe that the global economic recovery will be lop-sided and unstable over the coming years. In addition to this, the rising dependence on digital systems has increased the risks of cybersecurity threats. As far as India is considered, the report from WEF has found interstate relations, debt crises in large economies, widespread youth disillusionment, failure of technology governance and digital inequality to be the top five things of major concern.
Furthermore, the key short-term risks globally include the likes of societal divides, livelihood crisis and mental health deterioration whereas experts are speculating that the global economy for the next three years will be quite unpredictable as stated by WEF. Moreover, the report also talked about the geopolitical tensions affecting the economy by citing the examples of countries like India and Japan which went on to implement protectionist policies during the pandemic.
The report also mentioned the risks that have deteriorated since the beginning of the pandemic and it included the threats of social cohesion erosion, livelihood crisis, climate action failure, mental health deterioration and extreme weather topping the list. WEF managing director Saadia Zahidi said in a statement that it’s high time global leaders must come together and adapt to a coordinated multi-stakeholder approach to tackle the challenges being imposed globally in order to be ready for whenever the next crisis hits.