Cyberthreats and the growing space race are emerging risks to the global economy, adding to existing challenges posed by climate change and the coronavirus pandemic, the World Economic Forum said in a report this week.
The Global Risks Report is usually released ahead of the annual elite winter gathering of CEOs and world leaders in the Swiss ski resort of Davos, but the event has been postponed for a second year in a row because of COVID-19. The World Economic Forum still plans some virtual sessions next week.
Here’s a rundown of the report, which is based on a survey of about 1,000 experts and leaders:
As 2022 begins, the pandemic and its economic and societal impact still pose a “critical threat” to the world, the report said. Big differences between rich and poor nations’ access to vaccines mean their economies are recovering at uneven rates, which could widen social divisions and heighten geopolitical tensions.
By 2024, the global economy is forecast to be 2.3% smaller than it would have been without the pandemic. But that masks the different rates of growth between developing nations, whose economies are forecast to be 5.5% smaller than before the pandemic, and rich countries, which are expected to expand 0.9%.
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