Context:
Recently, the World Economic Forum (WEF) has released the 19th Edition of Global Risks Report 2024, titled as “From Life to Lab: Science in Action”.
WEF’s 54th Annual Meeting in Davos: Shaping Global Agendas for 2024 and Global Risks Report 2024
- The 54th Annual Meeting of the World Economic Forum is set to take place from January 15 to 19 in Davos.
Global Risk: Definition & Feature
- It is the possibility of the occurrence of an event or condition which, if it occurs, would negatively impact a significant proportion of global GDP, population or natural resources.
World Economic Forum: Shaping the Global Agenda for Positive Change
- It is a Swiss non-profit foundation established in 1971, based in Geneva, Switzerland.
- It is recognised by the Swiss authorities as an international institution for public-private cooperation.
- Founder and Executive Chairman: Klaus Schwab
- Mandate: It is committed to improve the situation of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.
- Few Major Published Reports:
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- Energy Transition Index
- Global Competitiveness Report
- Global Gender Gap Report
- Global Risk Report
- Global Travel and Tourism Report
- Global Risks Report 2024
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- Misinformation and Societal Polarization: The Global Risks Report 2024 highlights that risks posed by AI-driven misinformation and disinformation are closely linked with societal polarization.
- Environment of Elections and Concerning Nexus of Misinformation and Societal Polarization: With elections in major economies in the next two years, the main concern is for the nexus between falsified information and potential societal unrest.
- Misinformation and disinformation is the 1st risk in India
- Economic Uncertainty: There will be persistent economic uncertainty and widening economic and technological gaps in the coming years.
- Societal Issues: Over the longer term, a significant portion of the population may face challenges accessing economic opportunities, potentially leading to societal issues.
- Cost of Living Crisis: A persistent cost-of-living crisis may lead to uncertainties in the global economic stability.
- Noticeable Risks: Inflation and economic downturn have emerged noteworthy top risks.
- Interstate Armed Conflict: The risk of interstate armed conflict is the immediate concern.
- Risk of Conflict Contagion: The ongoing conflicts, coupled with underlying geopolitical tensions pose the risk of conflict contagion.
- Absence of Secure Livelihoods & Arising Threats: In the absence of secure livelihood options, individuals may be prone to crime, militarization, or radicalization.
- Growing Isolation: The Global Risks Report 2024 says countries with a history of conflict or vulnerability to climate change may face growing isolation from investment, technologies and job opportunities.
- Environmental Risks: There is continued dominance of environmental risks in the World.
- Severe Risks: Extreme weather events, critical shifts in Earth systems, biodiversity loss, ecosystem collapse, natural resource shortages, and pollution emerge as severe risks over the next decade.
Global Risks Report 2024: Key Recommendation
- Localized Teamwork: There is a need for more localized teamwork among nations, businesses, and even individuals.
- Cross-border Collaboration: Recognizing the vast economic, political, and environmental challenges, the Global Risks Report 2024 emphasizes that “cross-border collaboration at scale remains critical for risks that are decisive for human security and prosperity”.
- Rebuilding Trust: To encourage a “back to basics” approach, promoting open and constructive discussions among government, business, and civil society leaders.
News Source: World Economic Forum
January 13, 2024