London, Jan. 11 (BNA) The World Economic Forum said in a report on Tuesday that cyber threats and the growing space race are emerging risks to the global economy, in addition to the current challenges posed by climate change and the coronavirus pandemic.
The Global Risks Report is usually released ahead of the elite annual winter gathering of CEOs and world leaders at the Swiss ski resort of Davos, but the event has been postponed for the second year in a row due to COVID-19. The World Economic Forum is still planning some virtual sessions next week, the Associated Press reports
Here is a summary of the report, which is based on a survey of nearly 1,000 experts and leaders:
As the year 2022 begins, the pandemic and its economic and societal impact still pose a “serious threat” to the world, the report said. The big differences between rich and poor countries’ access to vaccines mean their economies are recovering at varying rates, which could widen social divisions and heighten geopolitical tensions.
By 2024, the global economy is expected to be 2.3% smaller than it would have been without the pandemic. But that masks different growth rates between developing nations, whose economies are expected to be 5.5% lower than they were before the pandemic, and rich nations, whose economies are expected to expand 0.9%.
digital dangers
The report said that the pandemic has forced a major shift – requiring many people to work or attend classes from home, resulting in a myriad of online platforms and devices to aid in a shift that has dramatically increased security risks.
The report said that cyberattacks are becoming more aggressive and pervasive, as criminals use tougher tactics to go after more vulnerable targets. Malware and ransomware attacks have rebounded, while the rise of cryptocurrencies is making it easier for cybercriminals to hide the payments they have collected.
While those who responded to the survey cited cybersecurity threats as a short- and medium-term risk, Clint said the report’s authors were concerned that the problem was not ranked higher, suggesting it’s a “blind spot” for businesses and governments.
climate crisis
The environment remains a major long-term concern. The health of the planet over the next decade is a primary concern, according to survey participants, who cited failure to act on climate change, extreme weather and biodiversity loss as the top three risks.
The report noted that different countries take different approaches, with some moving faster to adopt a carbon-neutral model than others. Both approaches come with downsides.
While moving slowly could radicalize more people who believe the government is not acting urgently, a rapid shift away from carbon-intensive industries could lead to economic disruption and put out of work in the millions.
“Hasty adoption of environmental policies may have unintended consequences for nature,” the report added. “There are still many unknown risks from the deployment of untested biotechnologies and geoengineering.”
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