- The Report is prepared with Strategic Partners, Marsh McLennan in Partnership with SK Group and Zurich Insurance Group.
- The report is being released before WEF’s upcoming virtual Davos Agenda scheduled to be held between January 25-29, 2021.
- The main objective behind the publishing of the report is to enable better preparation by Government & other International Communities during the times of crisis
The report has ranked Risks based on Survey
Nature of Risks | Time Period | Top 3 threats ranked by Correspondents in Survey |
---|---|---|
Clear & Present Dangers
(Short Term) |
0-2 Years | Infectious Diseases,
Livelihood Diseases & Extreme Weather events |
Knock-on effects – cumulative effect
(Medium Term) |
3-5 Years | Asset Bubble Burst,
IT Infrastructure Breakdown & Price Instability |
Existential Threats
(Long-Term) |
5-10 Years | Weapons of Mass Destruction,
State Collapse, Biodiversity Loss |
i.The Survey respondents also assessed Individual Global Risks based on Likelihood & Impact
- The Top 3 Risks by Likelihood (Very Likely to happen in the next 10 years) are Extreme Weather, Climate Action Failure & Human Environmental Damage
- The Top 3 Risks by Impact (amount of impact they are expected to create) are Infectious diseases, Climate Action Failure & Weapons of mass destruction.
ii.Widespread Effects:
COVID-19 has brought a major change in the 2021 rankings compared to Global Risks Report Rankings of 2020.
- In 2020, Infectious diseases was ranked 10th in the list of most critical threats.
- COVID-19 has caused both widespread loss of life & delay of economic development in poorest parts of the world, thus amplifying wealth inequalities across the world.
ii.Climate Concerns:
Even though the carbon emissions have seen a decline due to lockdown & disruption due to Lockdown, they are expected to increase when the recovery process starts.
iii.Process to Counter Risks:
The report has stated the Global Communities to draw lessons from the responses to COVID-19 to boost the Global Resilience in future. This includes
- Formulating Analytical Frameworks
- Creating new forms of partnerships
- Building trust through clear & consistent communication.
Click Here to read the Full Report
Recent Related News:
i.October 21, 2020, According to the Third Edition of “The Future of Jobs Report 2020” released by the WEF, COVID-19 and Technological Advances will disrupt around 85 Million Jobs by 2025.
About World Economic Forum (WEF):
Founder and Executive Chairman – Klaus Schwab
Headquarters – Cologny, Switzerland