Gloomy outlook for global recovery: World Economic Forum survey

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    Only one in 10 World Economic Forum (WEF) members expects the global recovery to accelerate over the next three years, according to a poll of around 1,000 business, government and academic leaders, which found only one in six is optimistic about the world outlook. Climate change was perceived as the top danger by respondents in the WEF’s annual risks report.

    Erosion of social cohesion, livelihood crises and mental health deterioration were identified as risks that had increased the most since the start of the COVID-19 pandemic.

    “Global leaders must come together and adopt a coordinated multi-stakeholder approach to tackle unrelenting global challenges and build resilience ahead of the next crisis,” Saadia Zahidi, WEF managing director, said.

    Only one in 10 World Economic Forum (WEF) members expects the global recovery to accelerate over the next three years, according to a poll of around 1,000 business, government and academic leaders, which found only one in six is optimistic about the world outlook. Climate change was perceived as the top danger by respondents in the WEF’s annual risks report.

    Extreme weather was considered the world’s biggest risk in the short term and a failure of climate action in the medium and long term—two to 10 years, the survey showed.

    “Failure to act on climate change could shrink global GDP by one-sixth and the commitments taken at COP26 are still not enough to achieve the 1.5 (degrees Celsius) goal,” Peter Giger, group chief risk officer at Zurich Insurance, which helped to compile the report, said.

    The report also highlights four areas of emerging risk—cybersecurity, a disorderly climate transition, migration pressures and competition in space.

    The report is published each year ahead of the annual WEF meeting in Davos. However, the Geneva-based organisation last month postponed the January event until mid-2022 due to the spread of the Omicron coronavirus variant.

    Fibre2Fashion News Desk (DS)





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