The Global Risks Report 2022

The World Economic Forum recently released the Global Risks Report 2022. Cybersecurity, pandemic, climate change and space advancements are the emerging risks to global economy.

Key Findings

The global economy is to shrink by 2.3% by 2024. However, in developing countries this is to be 5.5%. In rich countries, it will be 0.9%

Digital security

The online platforms have increased tremendously during the pandemic. The COVID has brought in major work shift. People are now attending classes online. This has increased the security risks.

Cyber Threats

The cyber threats are growing at humanely uncontrollable rates. The criminals are using tougher tactics and therefore, the cyber threats are becoming more aggressive day by day. Cryptocurrencies are creating easy path of escape for the cyber criminals. Today 90% of the ransomware attacks are paid in cryptocurrencies.

Space

The costs of rocket launching technologies are falling. This has led a new space race, not between countries, but between government and private companies. While private launchers such as Elon Musk, Jeff Bezos are launching satellites and astronauts, governments are focusing on military satellites. This is creating friction in the orbit. The risks of debris collision, congestion are increasing.

Climate change

The three top climate risks are loss of biodiversity, extreme weather and failure to act on climate change. While economies are trying to move towards zero emissions, rapid actions are required. The report calls the climate actions by world countries as “Disorderly”. Faster shift from the intense carbon polluters is the need of the moment.

Observation

In the pas two years, during the pandemic, the world top 20% (the richest) has recovered their losses. On the other hand, the bottom 20% have lost 5% more.

Perception of the people

Less than 16% of the people (participated in the survey) were optimistic about the economic outlook of the world.

Predictions

Environmental risks are to dominate for long term and short term. The climate change risks are to increase exponentially in the next ten years.

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