World Economic Forum releases Global Risks Report 2022

• It keeps track of global risk perceptions among risk experts and world leaders in business, government, and civil society.
• It also examines risks across five categories: economic, environmental, geopolitical, societal, and technological.

Key Findings of the Report

• Global risks perceptions
• COVID-19: Societal and environmental risks have worsened since the start of pandemic, with “social cohesion erosion” and “livelihood crises” taking the top spots. Other risks identified as having worsened significantly are “debt crises”, “cybersecurity failures”, “digital inequality” and “backlash against science”.
• Outlook and Sentiment: Only 11% of respondents thought the world would be characterized by an accelerating global recovery towards 2024, while 89% perceived the short-term outlook to be volatile, fractured, or increasingly catastrophic. Fully 84% of respondents expressed negative feelings about the future.
• Horizon: “Social cohesion erosion”, “livelihood crises” and “mental health deterioration” are three of the five risks seen as the most concerning threats to the world in the next two years. This societal scarring compounds the challenges of national policy-making, limiting the political capital, focus from leaders, and public support needed to strengthen international cooperation on global challenges.
• Severity: Environmental risks have the potential to yield the most damage to people and the planet, followed by societal challenges. “Debt crises” and “geoeconomic confrontations” are also in the top 10 risks by severity over the next 10 years.
• International Mitigation: Broad disappointment in 15 different governance areas with the effectiveness of international risk mitigation efforts. “Trade facilitation”, “international crime” and “weapons of mass destruction” were rated as the areas with most effective efforts, but only by 12.5% of respondents in the best case.
• By contrast, “artificial intelligence”, “space exploitation”, “cross-border cyberattacks and misinformation” and “migration and refugees” were seen by most respondents as the areas where international mitigation has not started.

World Economic Forum:

• A Geneva-based international organization that works towards global cooperation on the major economic and social issues of the day.
• Founded in 1971 in Geneva.
• It is best known for its annual meeting in Davos, Switzerland, which brings together business and political leaders and thinkers for discussion of global issues and solutions.
• The environment and related issues such as biodiversity destruction and human-made disasters dominate the WEF's current list of most pressing global concerns.
• The WEF has no independent decision-making power but seeks to influence powerful people to make decisions that benefit the global community.

Reports published by WEF

• Engaging Tomorrow Consumer Report
• Inclusive growth & Development Report
• Global Competitive Report
• Global Energy Architecture Performance Index Report
• Global Gender Gap Report
• Global Information Technology Report
• Inclusive growth & Development report
• Outlook on Global Agenda
• The Global Risk Report
• Travel and Tourism Competitiveness Report