A new report by the World Economic Forum (WEF)Global Risks Report has revealed mass unemployment, digital inequality and prolonged economic stagnation as some of the risks that could pose a danger in the next two years.
"Job losses, a widening digital divide, disrupted social interactions, and abrupt shifts in markets could lead to dire consequences and lost opportunities for large parts of the global population," said the report. "The ramifications — in the form of social unrest, political fragmentation and geopolitical tensions — will shape the effectiveness of our responses to the other key threats of the next decade: cyberattacks, weapons of mass destruction and, most notably, climate change."
"Hard-fought societal wins could be obliterated if the current generation lacks adequate pathways to future opportunities — and loses faith in today's economic and political institutions," the report warned.
"Climate action failure" and "extreme weather" identified as most likely long-term risks for the third straight year.
"The biggest long-term risk remains a failure to act on climate change. There is no vaccine against climate risks, so post-pandemic recovery plans must focus on growth aligning with sustainability agendas to build back better," said Peter Giger from the Zurich Insurance Group.