15 Jan 2024 Global Risk Report
This article covers ‘Daily Current Affairs’ and the topic details of “ Global Risk Report 2024 ’’. This topic is relevant in the “International relations” section of the UPSC CSE exam.
UPSC MAINS GS2 Syllabus : Important international institutions
Why in the News?
The World Economic Forum (WEF) has published the Global Risk Report 2024, which highlights some of the most serious threats that the world may encounter in the coming ten years against the backdrop of conflict, rapid technological advancement, unstable economic conditions, and global warming. A survey of over 1,500 specialists, business executives, and legislators served as the basis for the research.
What are the findings of Global Risk Report 2024?
- Aggravating Global Outlook: A number of worldwide occurrences in 2023, including deadly wars, extreme weather, and social unrest, have added to a largely dire picture.
- Technological Advancements and Security Threats: Over the next two years, interstate armed conflict is predicted to rise to the top of the risk rankings. Technological advancements, particularly in the field of artificial intelligence, provide security dangers due to their ability to provide non-state actors with disruptive capabilities, which may in turn fuel more conflict and criminal activity.
- Governance Challenges and Geopolitical Shifts: Increased polarisation among world powers, particularly between the Global North and South, could provide problems for international governance. Geopolitical tensions and the growing power of Global South governments could change security dynamics and have an impact on global threats.
- Misinformation and Disinformation Driven by AI: The most serious threats for the next two years are misinformation and disinformation, underscoring the speed at which technological advancements are either causing new issues to arise or exacerbating preexisting ones. It is troubling that persons with specialised talents will no longer be able to create complex synthetic content that can be used to control groups of people, thanks to the rise in Generative AI chatbots like ChatGPT.
- Environmental Risks at the Front: Across all time periods, environmental risks—especially extreme weather—dominate the risk landscape. It is clear that there are issues related to climate change, biodiversity loss, and important changes to Earth systems, all of which could have permanent effects.
- Economic Strains and Inequality: In 2024, there will be a lot of anxiety about the cost of living crisis as well as economic dangers like inflation and a slump. Low- and middle-income nations will be disproportionately impacted by economic uncertainty, which could increase societal and environmental effects and result in digital isolation.
Recommendations given by the Report?
- The impact of those unavoidable risks that we can plan for can be lessened by localised policies that leverage investment and regulation, and both the public and private sectors can play a crucial role in extending these advantages to everyone.
- A single breakthrough project can also contribute to making the world a safer place if it is developed via initiatives to put the future first and concentrate on research and development.
- Even if the combined efforts of individual people, businesses, and nations may not seem like much, when they reach a certain size, they can have a major impact on reducing global risk.
- Cross-border cooperation at scale is still essential for risks that are vital to human security and development, notwithstanding the world’s growing fragmentation.
About Global Risk
The probability of an event or circumstance that, if it materialises, would have a detrimental influence on a sizable amount of the world’s population, gross domestic product, or natural resources is known as global risk. The “World Economic Forum” releases the Global Risks Report every year in advance of its yearly summit in Davos, Switzerland.
About Global Economic Forum
The WEF is a Geneva, Switzerland-based nonprofit organisation that was founded in 1971. It acknowledged as the global hub for public-private collaboration by Swiss authorities.
Mission: Dedicated to helping to transform the world a better place by influencing regional, national, and industry agendas with the help of intellectual, business, and political leaders.
Important Reports published by World Economic Forum
Some of major reports published by WEF are:
Global Gender Gap Report.
Global IT Report.
Energy Transition Index.
Global Competitiveness Report
Global Travel and Tourism Report.
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Prelims practice question
Q1) What is the main purpose of the World Economic Forum’s Global Risks Report?
1) To predict future economic trends.
2) To assess and raise awareness about global risks.
3) To provide investment advice to member countries.
Which of the above statements is/are correct?
A) 1 only
B) 2 only
C) 3 only
D) 2 and 3
Answer: B
Q2) What is the primary objective of the World Economic Forum’s Global Risks Report in terms of policy making?
1) To provide specific policy recommendations.
2) To identify risks but not suggest policy solutions.
3) To solely focus on risks within the business sector.
Which of the above statements is/are correct?
A) 1 only
B) 2 only
C) 3 only
D) 1 and 2
Answer: B
Mains practice question
Q1) Examine the role of the World Economic Forum’s Global Risks Report in shaping global policy responses. How does the report contribute to international efforts in addressing emerging challenges and risks?
Q2) Discuss the key findings and implications of the World Economic Forum’s Global Risks Report for the current year and its potential impact on India’s economic and geopolitical landscape.
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