Correct Answer : World Economic Forum
World Economic Forum (WEF) has released Global Risk Report 2023
Key findings :
* In the next 2 years: Cost of living; Natural disasters and extreme weather events; Geoeconomic confrontation
* In the next 10 years: Failure to mitigate climate change; Biodiversity loss and ecosystem collapse
* Major risks to India: Digital inequality; geopolitical confrontation for resources, the rising cost of living, debt crisis, natural disasters and extreme weather events
* Technologies such as AI, Quantum and Biotechnology are going to exacerbate the inequalities and digital divide ( if no action is taken to mitigate it)
* Economic and geopolitical risks :
* Covid-19 and Ukraine war has resulted in rising inflation, rapid normalization of monetary policies, low-growth and low-investment era
* A miscalibration between monetary and fiscal policies will raise the likelihood of liquidity shocks, signalling a more prolonged economic downturn and debt distress on a global scale.
* Geopolitical fragmentation will drive geoeconomic warfare and heighten the risk of multi-domain conflicts
* g. data regarding Russia’s boreal forests –the biggest land-based carbon store on the planet – is no longer available for international scientific research because of the war in Ukraine.
* Concurrent shocks, deeply interconnected risks and eroding resilience are giving rise to the risk of polycrises ( one crisis leading to another and the overall impact far exceeds the sum of each part)
Food, fuel and cost crises exacerbate societal vulnerability while declining investments in human development erode future resilience
As volatility in multiple domains grows in parallel, the risk of polycrises accelerates
Recommendations :
* Strengthening global risk preparedness and cooperation
* Risk identification and foresight of coming risks and ways to solve it
* Investment in risk preparedness
* Rethinking ‘future’ risks
About Global risk report :
The Global Risks Report is an annual study published by the World Economic Forum ahead of the Forum’s Annual Meeting in Davos, Switzerland. Based on the work of the Global Risk Network, the report describes changes occurring in the global risks landscape from year to year.
About WEF :
It was established in 1971 as a not-for-profit foundation (HQ: Geneva, Switzerland). The World Economic Forum brings together decision-makers from across society to work on projects and initiatives that make a real difference.
Some major reports published by WEF are :
* Energy Transition Index.
* Global Competitiveness Report.
* Global IT Report
* WEF along with INSEAD, and Cornell University publishes this report.
* Global Gender Gap Report.
* Global Risk Report.
* Global Travel and Tourism Report.
