Global Risk Report 2022

Global Risks Report is an annual report published by the World Economic Forum. The latest edition i.e. the 2022 report was published recently which contains findings of the previous year i.e of the year 2021.

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The GRR report 2022 by World Economic Forum (WEF) is based upon the Global Risks Perception Survey (GRPS) which is followed by analysis of the key risks. The survey was conducted in between May 2021, and September 2021. According to it, Climate Change is the number one risk that the world is facing.

The challenges to economic growth since the onslaught of the COVID-19 pandemic are still persistent. It is expected that the global economy will shrink by 2.3% by the year 2024. In the case of developing countries, the economy is predicted to shrink by 5.5%, and in the case of developed countries the figure is estimated to be 0.9%, this is proof of the widening global income gap.

The report sees the climate action failure as the most worrisome threat to the world in the long term, of which the most critical impacts will be witnessed in the coming 10 years. The report highlights the problems associated with the way different countries are setting disordered targets to mitigate climate change, it says that its non-uniform targets will further drive nations apart and divide societies, creating obstructions in the way of cooperation

The report expresses concerns over the exponential rise in the digital dependency. Ever since the COVID-19 pandemic hit the world, the majority of the workforce has shifted to online mode of work by staying at home, schools shut and online learning gaining pace. With increased adoption, the cyber threats have increased too. Incidents of malware and ransomware attacks have increased hundreds of times and have outpaced the society’s capacity to learn the ways to stay safe online. The past couple of years have also witnessed an increased number of cross-boundary cyber attacks on strategic institutes of enemy nations.

Economic hardships, extreme weather conditions due to climate change, and political instability have created a strong sense of insecurity among a  large section of people. These people are indirectly forced to involuntarily migrate to other countries either through legal routes and through illegal ways as well, in search of better opportunities and better standards of living. The report highlights the increased effects of the refugee crisis on the host country’s economy and society.

The report highlights the growing space exploration activities in recent years. With the launch of many satellites the earth’s orbit has become very crowded with the risk of collision and space debris too. Nations developing technology to use space advancement for their military ambitions has created an amalgamation of space race and arms race.

Second year of the pandemic saw countries modifying existing mechanisms and creating new ones for dealing with the public health crisis. Countries face success and failure both at many fronts in their efforts to deal with the pandemic. The reports find two major reasons for the nation’s effective management of the pandemic situation and they are:

• The ready mood of the governments to change their original position and open to adopt new strategies to deal with the pandemic as per changing circumstances.
• The ability of different governments to maintain the public trust in their favour by effective communication and principled decisions.

The report highlights the new and increased challenges faced by the society in terms of personal affairs, digital space, environment, and societal cohesion. According to the report, “mental health deterioration”, “livelihood crises”, and “social cohesion erosion” have worsened the most in the past two years, it also does not expect things to get any better on a significant global scale in the coming few years as well.

The report highlighted 5 key risks associated with India and they are:

1. Fracture in interstate relations
2. Debt crisis in large economies
3. Widespread youth disillusionment
4. Failure of technology governance
5. Digital inequality

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