World Economic Forum (WEF) released the report titled “The Global Risks Report 2022: 17th Edition”, prepared in partnership with Marsh McLennan, SK Group and Zurich Insurance Group.
The 2022 report draws on the views of the 12,000 country-level leaders who identified critical short-term risks to their 124 countries gathered by the WEF’s Executive Opinion Survey(EOS), conducted between May and September 2021.
- The report also features the results of the Global Risk Perception Survey(GRPS) 2021-2022, which has underpinned the report since 2006.
- By 2024, developing economies (excluding China) will have fallen 5.5% below their pre-pandemic expected GDP growth, while advanced economies will have surpassed it by 0.9%—widening the global income gap. The global economy was expected to be 2.3% smaller by 2024.
The report is published ahead of the online Davos Agenda meeting, (17th to 21st January 2022) at Geneva, Switzerland.
Risks for India:
i.The report states that Widespread Youth disillusionment and digital inequality are among the top 5 risks for India. Fracture of interstate relations; Debt crises in large economies; and Failure of technology governance are the other 3 risks for India.
ii.These risks could pose as a critical threat to Indian in the next 2 years.
iii.The report also referred that the India pledged to reach net zero emissions by 2070 and announced a target of 50% renewable energy by 2030.
Gist of the report:
i.The WEF has stated that the top shorter-term global concerns include societal divides, livelihood crises and mental health deterioration.
ii.The report stated that climate change was the number one danger, while erosion of social cohesion, livelihood crises and mental health deterioration were identified as risks that has increase the most since the beginning of the COVID-19 Pandemic.
iii.Accoding to the report, youth disengagement, lack of confidence and/or loss of trust of existing economic, political and social structures at a global scale negatively impacts the social stability, individual well-being and economic productivity.
iv.The report also highlights that unequal access to digital networks and technology is due to unequal investment capabilities, lack of necessary skills in the workforce, insufficient purchase power, government restrictions and/or cultural differences.
v.The richest 20% of the world’s population will have recovered half their losses in 2021, while the poorest 20% will have lost 5% more of their income. By 2030, 51 million more people are projected to live in extreme poverty as opposed to the pre-Covid times.
Click here for the WEF’s Global Risks Report 2022
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In accordance with the World Economic Forum’s (WEF) latest research report i.e. white paper namely ‘Mission 2070: A Green New Deal for a Net Zero India’ , a Green New Deal for India can add $1 trillion to GDP by 2030, and $15 trillion by 2070 along with a potential of creating more than 50 million new jobs.
- The report has been prepared by collaboration with Kearney India, and Observer Research Foundation.
About World Economic Forum (WEF):
Founder and Executive Chairman- Klaus Schwab
Founded in– 1971
Headquarters– Geneva, Switzerland