Global Risks Report 2022

 

Global Risks Report 2022: Relevance

• GS 3: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.

 

Global Risks Report 2022: Context

• Recently, World Economic Forum has released the 17^th edition of the Global Risks Report 2022 where the report has discussed the top five risks facing India.

 

Global Risks Report 2022: Key points

• The report tracks global risks perceptions among experts and world leaders in business, government and civil society.
• The study examines risks across five categories—economic, environmental, geopolitical, societal, and technological.
• Extreme weather was considered the world’s biggest risk in the short term and a failure of climate action in the medium and long term—two to 10 years.
• Top global risks: Climate crisis, growing social divides, heightened cyber risks and uneven global recovery, as the coronavirus pandemic lingers on, are the top global risks over the next 10 years.
• The report also said that diverging economic recoveries and the fallout of the pandemic threaten global cooperation on other challenges at a time when climate risks loom large.
• Digitalisation: The increasing reliance on digital systems, which has only grown in the past two years, has made digital or cybersecurity threats more potent.

 

 

Global Risks Report 2022: India

• Top 5 risks: disillusionment among youth, digital inequality, fracture of interstate relations, debt crises and failure of technology governance are the top 5 risks mentioned by the report.
• The report summarises youth disillusionment as a societal problem, which includes youth disengagement, lack of confidence or trust of existing economic, political and social structures at a global scale.
• The report was of the view that the disillusionment is negatively impacting social stability, individual well-being and economic productivity.

 

 

Global Risks Report 2022 suggestion

• Global leaders must come together and adopt a coordinated multi-stakeholder approach to tackle unrelenting global challenges and build resilience ahead of the next crisis.

 

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