According to a survey released by the World Economic Forum (WEF) on Tuesday, growing reliance on digital processes in the last two years of the Coronavirus pandemic has increased the risks posed by cybersecurity threats globally, while widespread youth disillusionment, digital inequality, and fracture of inter-state relations are some of the key risks for the Indian economy.
Climate-related risks are among the top concerns in terms of impact, as per the WEF’s Global Risks Report 2022, which was released ahead of the WEF’s online Davos Agenda meeting next week. Climate-related risks are among the top concerns in terms of impact, most notably in the long-term, where five of the top ten global risks are all climate or environment-related.
Climate change, widening social gaps, increased cyber dangers, and uneven global recovery is the top five risks cited in the research as the pandemic continues. The pandemic will compound the risks of rising social cleavages, according to the paper, and experts warn that the global economic recovery will be unequal and potentially unpredictable in the coming years.
The top short-term worldwide concerns include societal differences, livelihood issues, and mental health degradation, according to the World Economic Forum, while most experts anticipate the global economic recovery will be volatile and uneven over the next three years.
The report further said geopolitical tensions are spilling over into the economic sphere and cited examples of India and Japan putting protectionist policies in place during the pandemic.
Western corporations in sensitive sectors like technology are having growing difficulty doing business in China and Russia, according to the report, and Western governments are banning investment from geopolitical competitors in vital sectors.
It also mentioned India’s commitment to achieving net-zero emissions by 2070 and a goal of 50% renewable energy by 2030. All of the world’s major polluters have decided to begin phasing out fossil fuels.