The World Economic Forum, which will hold its annual meeting in Switzerland this month, says in the Global Risks Report 2024 that misinformation and disinformation are the biggest short-term risks while extreme weather is pummeling the earth systems. It says two-thirds of global experts anticipate a multipolar or fragmented order to take shape over the next decade. The report warns that cooperation on urgent global issues could be in short supply, requiring new approaches and solutions. Following is a press release from WEF.
Geneva, Switzerland, 10 January 2024 – Drawing on nearly two decades of original risks perception data, the World Economic Forum’s Global Risks Report 2024 warns of a global risks landscape in which progress in human development is being chipped away slowly, leaving states and individuals vulnerable to new and resurgent risks. Against a backdrop of systemic shifts in global power dynamics, climate, technology and demographics, global risks are stretching the world’s adaptative capacity to its limit.
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These are the findings of the Global Risks Report 2024, released today, which argues that cooperation on urgent global issues could be in increasingly short supply, requiring new approaches to addressing risks. Two-thirds of global experts anticipate a multipolar or fragmented order to take shape over the next decade, in which middle and great powers contest and set – but also enforce – new rules and norms.
The report, produced in partnership with Zurich Insurance Group and Marsh McLennan, draws on the views of over 1,400 global risks experts, policy-makers and industry leaders surveyed in September 2023. Results highlight a predominantly negative outlook for the world in the short term that is expected to worsen over the long term. While 30% of global experts expect an elevated chance of global catastrophes in the next two years, nearly two thirds expect this in the next 10 years.
“An unstable global order characterized by polarizing narratives and insecurity, the worsening impacts of extreme weather and economic uncertainty are causing accelerating risks – including misinformation and disinformation – to propagate,” said Saadia Zahidi, Managing Director, World Economic Forum. “World leaders must come together to address short-term crises as well as lay the groundwork for a more resilient, sustainable, inclusive future.”
Rise of disinformation and conflict. Concerns over a persistent cost-of-living crisis and the intertwined risks of AI-driven misinformation and disinformation, and societal polarization dominated the risks outlook for 2024. The nexus between falsified information and societal unrest will take centre stage amid elections in several major economies that are set to take place in the next two years. Interstate armed conflict is a top five concern over the next two years. With several live conflicts under way, underlying geopolitical tensions and corroding societal resilience risk are creating conflict contagion.
Economic uncertainty and development in decline. The coming years will be marked by persistent economic uncertainty and growing economic and technological divides. Lack of economic opportunity is ranked sixth in the next two years. Over the longer term, barriers to economic mobility could build, locking out large segments of the population from economic opportunities. Conflict-prone or climate-vulnerable countries may increasingly be isolated from investment, technologies and related job creation. In the absence of pathways to safe and secure livelihoods, individuals may be more prone to crime, militarization or radicalization.
Planet in peril. Environmental risks continue to dominate the risks landscape over all timeframes. Two-thirds of global experts are worried about extreme weather events in 2024. Extreme weather, critical change to Earth systems, biodiversity loss and ecosystem collapse, natural resource shortages and pollution represent five of the top 10 most severe risks perceived to be faced over the next decade. However, expert respondents disagreed on the urgency of risks posed – private sector respondents believe that most environmental risks will materialize over a longer timeframe than civil society or government, pointing to the growing risk of getting past a point of no return.
Responding to risks. The report calls on leaders to rethink action to address global risks. The report recommends focusing global cooperation on rapidly building guardrails for the most disruptive emerging risks, such as agreements addressing the integration of AI in conflict decision-making. However, the report also explores other types of action that need not be exclusively dependent on cross-border cooperation, such as shoring up individual and state resilience through digital literacy campaigns on misinformation and disinformation, or fostering greater research and development on climate modelling and technologies with the potential to speed up the energy transition, with both public and private sectors playing a role.
Carolina Klint, Chief Commercial Officer, Europe, Marsh McLennan, said: “Artificial intelligence breakthroughs will radically disrupt the risk outlook for organizations with many struggling to react to threats arising from misinformation, disintermediation and strategic miscalculation. At the same time, companies are having to negotiate supply chains made more complex by geopolitics and climate change and cyber threats from a growing number of malicious actors. It will take a relentless focus to build resilience at organizational, country and international levels – and greater cooperation between the public and private sectors – to navigate this rapidly evolving risk landscape.”
John Scott, Head of Sustainability Risk, Zurich Insurance Group, said: “The world is undergoing significant structural transformations with AI, climate change, geopolitical shifts and demographic transitions. Ninety-one per cent of risk experts surveyed express pessimism over the 10-year horizon. Known risks are intensifying and new risks are emerging – but they also provide opportunities. Collective and coordinated cross-border actions play their part, but localized strategies are critical for reducing the impact of global risks. The individual actions of citizens, countries and companies can move the needle on global risk reduction, contributing to a brighter, safer world.”
About the Global Risks Initiative. The Global Risks Report is a key pillar of the Forum’s Global Risks Initiative, which works to raise awareness and build consensus on the risks the world faces, to enable learning on risk preparedness and resilience. The Global Risks Consortium, a group of business, government and academic leaders, plays a critical role in translating risk foresight into ideas for proactive action and supporting leaders with the knowledge and tools to navigate emerging crises and shape a more stable, resilient world.
World Economic Forum Annual Meeting January 15-19 under the theme “Rebuilding Trust”
WEF says the meeting will bring together more than 2,800 leaders from 120 countries and will be accessible to the wider public with over 200 sessions to be livestreamed.
“We face a fractured world and growing societal divides, leading to pervasive uncertainty and pessimism. We have to rebuild trust in our future by moving beyond crisis management, looking at the root causes of the present problems, and building together a more promising future,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum.
The meeting’s programme will address the latest global developments and will draw on the forward-thinking work of the Forum and its stakeholders to deliver innovative, practical solutions. The meeting aims to revitalize and reimagine the cooperation necessary for advancing resilience and security; reviving economic growth that improves living standards; pursuing rapid action that protects the climate and nature while securing energy; ensuring technological developments are inclusive; and investing in people and equitable opportunities.
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