Long-term risks need to be recognized

How to take a risk

Long-term risks need to be recognized

The COVID-19 pandemic has not only claimed millions of lives but also deepened long-standing health, economic and digital inequalities. Billions of carers, workers, and students – particularly minorities who were disadvantaged before the pandemic – are now at risk of missing the path to the new and more just societies that recovery can unleash. These developments could further hamper the global cooperation needed to address long-term challenges such as environmental degradation, according to the World Economic Forum's Global Risks Report 2021.

YOUTH WILL BE NEGATIVELY AFFECTED

The gap between “haves” and “non-haves” risks disrupting social cohesion when it comes to technology access and digital capabilities. This will particularly affect young people around the world, as young people face the second global crisis in a generation and may miss opportunities altogether in the next decade.

The financial, digital, and reputational pressures caused by COVID-19 threaten to leave many companies and workforces behind in the markets of the future. While these potential inequalities may cause social divisions for states, an increasingly tense and fragile geopolitical outlook will hinder global recovery if mid-sized powers cannot find a place for themselves at the global table.

Once again, as we look to the next decade, environmental risks dominate the list in terms of impact and probability. Social divisions, uncertainty, and anxiety will make it more difficult to achieve the coordination needed to address the continuing deterioration of the planet.

RISK DEFENDANTS SHOULD BE ENCOURAGED

The report also reflects responses to COVID-19 and draws lessons designed to support global resilience. These courses include formulating analytical systems, encouraging risk advocates, building trust through open and consistent communication, and creating new forms of partnership. The main risks mentioned in the report are; 

It is complemented by advice to assist countries, businesses, and the international community in taking action rather than reacting to significant risks. Report; It concludes with an overview of “frontier risks”—nine high-impact, low-probability events drawn from expert foresight exercises—including geomagnetic disruption, accidental wars, and exploitation of intelligence-machine interfaces.

WE MUST TAKE STEPS TO PROTECT OUR PLANET

Saadia Zahidi, Director General of the World Economic Forum, said in a statement on the subject: “The risk of a global epidemic, which this report has emphasized since 2006, has become reality in 2020. We know how difficult it is for governments, businesses, and other stakeholders to address such long-term risks. However, the lesson we should all take from this situation is; Ignoring long-term risks does not reduce the likelihood of those risks occurring. 

As governments, businesses, and societies begin to leave the pandemic behind, they urgently need to create new economic and social systems that enhance our collective resilience and capacity to respond to shocks, while taking steps to reduce inequality, improve health and protect our planet. Davos Agenda event to be held next week,

THE BIGGEST RISK CLIMATE CHANGE 

Peter Giger, Head of Risk, Zurich Insurance Group, said: “Accelerating the digital transformation promises huge benefits, such as the creation of almost 100 million new jobs by 2025. However, digitization could replace around 85 million jobs, and as 60% of adults still lack basic digital skills, this could deepen existing inequalities. 

The biggest long-term risk remains the failure of climate change remediation and adaptation efforts. There is no vaccine against climate risks, so post-pandemic recovery plans must focus on growth in line with sustainability agendas to build better.”

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