Pandemic increasing social fragmentation; threatening economy, stability: WEF study

The COVID-19 pandemic has not only claimed millions of lives, it is also increasing disparities and social fragmentation, while it will threaten the economy in the next 3-5 years and will weaken geopolitical stability over the next 5-10 years, a study showed on Tuesday, In its annual Global Risks Report, the World Economic Forum (WEF) also termed 'infectious diseases' as the biggest risk in terms of impact for the next decade, while 'extreme weather' tops the chart for risks in terms of likelihood.

The report, released ahead of the virtual 'Davos Agenda' summit of the WEF from January 25-29 that would be attended by Prime Minister Narendra Modi among other global leaders, said the world needs to wake up to longterm risks, after witnessing in 2020 the catastrophic effects of ignoring long-term risks such as pandemics, which is now an immediate risk.

The WEF said its Global Risks Report has been warning the world for the last 15 years about the dangers of pandemics.

"In 2020, we saw the effects of ignoring preparation and ignoring long-term risks. The COVID-19 pandemic has not only claimed millions of lives, but it also widened long-standing health, economic and digital disparities," it said.

Billions of caregivers, workers and students -- especially minorities who were disadvantaged before the pandemic -- are now at risk of missing pathways to the new and fairer societies that the recovery could unlock, the report said.

These developments may further impede the global cooperation needed to address long-term challenges such as environmental degradation, it added.