Context: The 17th edition of Global Risks Report was released by the World Economic Forum recently.
About the Global Risks Report
The report tracks global risk perceptions among risk experts and world leaders in business, government, and civil society.
It examines risks across five categories: economic, environmental, geopolitical, societal, and technological.
Key takeaways from the current report
The world enters the third year of the COVID-19 pandemic, the climate crisis remains the biggest long-term threat facing humanity.
It has ranked ‘climate action failure’ as the number one risk, with potentially the most severe impact over the next decade.
Developing economies (except China) will have fallen 5.5% below their pre-pandemic expected GDP growth by 2024, while advanced economies will have surpassed it by 0.9%.
It is likely that any transition that achieves the net-zero goal by 2050 will be disorderly due to the insufficient nature of current commitments.
Digital inequality and cybersecurity failure also feature among the critical short- and medium-term threats.
