WEF sheds light on key geopolitical risks

THE World Economic Forum’s Global Risks report 2024 believes false information, rising conflicts and economic uncertainty are among the most widespread risks facing this year

The World Economic Forum (WEF)’s Global Risks 2024 report, published on January 10, sheds some much-needed light on some of the key risks and issues the global economy is likely to face this year and in the coming years.

According to the 2024 Global Risks Perception Survey: “The majority of respondents (54 percent) anticipate some instability and a moderate risk of global catastrophes, while another 30 percent expect even more turbulent conditions. The outlook is markedly more gloomy over the 10-year time horizon, with nearly two-thirds of respondents expecting a stormy or turbulent outlook.”

The survey takes into account the views of nearly 1 500 leaders across a variety of sectors, including business, academia, civil society and government, as well as more than 200 thematic leaders.

Currently, the world we live in is seen as increasingly fraught, with polarising narratives, as well as soaring costs of living and higher interest rates in several parts of the world. Dwindling resources and simmering geopolitical tensions have also caused a number of conflicts across the world.

Adding to that, environmental crises, such as extreme weather events, have further destabilised both economies and companies, eroding away profit margins and backlogging supply chains.

On the other hand, with the continued impact of the Covid-19 pandemic, as well as the energy crisis and inflation, climate change and carbon neutrality efforts across the globe have slowed down considerably. – Wires