The increasing reliance on digital processes in the last two years affected by the Covid-19 epidemic has increased the risk of cybersecurity globally. According to the survey released on Tuesday by the World Economic Forum (WEF), things like disenchantment of youth, digital inequality and souring of inter-state relations have also emerged as major risks to the Indian economy. The Global Risks Report 2022, released by the WEF ahead of next week’s online Davos Agenda meeting, said that climate (change) related risks are one of the biggest concerns in terms of impact at the moment, with five of the top 10 global The risks are related to climate and environment.
According to the report, at a time when the pandemic continues, the top five risks include climate crisis, growing social divide, cyber risk, uneven global recovery. A global survey of experts also revealed that only one in six is optimistic and only one in 10 believes that global recovery will continue. The report warns that the risk of social inequality will continue to increase due to the pandemic. Experts have also cautioned that global economic recovery will remain uneven in the coming years.
Unequal access to digital networks and technology is due to unequal investment capabilities, lack of necessary skills in the workforce, insufficient purchase power, government restrictions and/or cultural differences.
Corporate and public finances overwhelmed by debt accumulation and/or debt servicing in large economies could result in mass bankruptcies, defaults, insolvency, liquidity crises or sovereign debt crises. The survey added that economic, political and/or technological rivalries between geopolitical powers could lead to a fracture in interstate relations.
The survey, part of the report, looked into five risks that could pose a critical threat to a country in the next two years. The WEF’s Executive Opinion Survey (EOS) was conducted between May and September 2021 and involved 12,000 leaders who were asked to pick from a list of 35 risks in no particular order.