Global Risk Report 2024

Global Risk Report 2024

News: The World Economic Forum (WEF) recently released the Global Risk Report 2024, shedding light on imminent threats anticipated over the next decade.

What is Global Risk Report?
• The Global Risks Report 2024 is a publication by the World Economic Forum that explores some of the most severe risks we may face over the next decade.
• The report is part of the World Economic Forum’s Global Risks Initiative, which aims to raise awareness and build consensus on global risks to facilitate resilience and risk preparedness.

Key Findings:
• Misinformation and Disinformation: Identified as one of the top ten risks of the next decade. They can affect election outcomes in the US and India in 2024 and remain principal risks to a stable global order along with climate and economic challenges.
• Extreme Weather Conditions: Two-thirds of respondents rank extreme weather as the top risk most likely to present a material crisis on a global scale in 2024.
• Societal Polarization: Anticipated to have a significant negative impact on global human development over the next decade.
The report also contextualizes its analysis through four structural forces that will shape the materialization and management of global risks over the next decade. They are:
• Trajectories relating to global warming and related consequences to Earth systems (Climate change).
• Changes in the size, growth, and structure of populations around the world (Demographic bifurcation).
• Developmental pathways for frontier technologies (Technological acceleration).
• Material evolution in the concentration and sources of geopolitical power (Geostrategic shifts).

Key recommendations:
• Utilize localized strategies through investment and regulation to reduce the impact of foreseeable risks. Engage both the public and private sectors to extend benefits equitably.
• Prioritize the future through research and development efforts. Support single breakthrough endeavors to enhance global safety.
• Emphasize the importance of cross-border collaboration at scale. Address risks crucial for human security and prosperity through collaborative efforts.
• Recognize the significance of collective actions by individuals, companies, and countries. Even seemingly insignificant efforts, when amassed, can contribute significantly to global risk reduction.

About WEF:
• WEF is a Swiss nonprofit foundation founded in 1971, headquartered in Geneva, Switzerland. It is recognized by Swiss authorities as the international institution for public-private cooperation.
• It is committed to improving the state of the world by engaging leaders from business, politics, academia, and society to shape global, regional, and industry agendas.

Important reports released by WEF:
• Global Gender Gap Report, Global Travel and Tourism Report, Energy Transition Index, Global Competitiveness Report.