WEF raises concerns over economic impact of new tech in 2018

21 January, 2018, 01:21 | Author: Dustin Murphy
  • WEF raises concerns over economic impact of new tech in 2018

According to the Global Risks Report 2018, the rosy economic backdrop represents a "golden opportunity" for the world's leaders to deal with the growing crop of risks that are facing the global economy and society.

This means a catastrophe of that nature is more of a potent threat than large-scale weapons, according to the report compiled by 1,000 global experts.

A WEF spokesman said: "When we asked almost 1,000 respondents for their views about the trajectory of risks in 2018, 59 percent of their answers pointed to an intensification of risks, compared with 7 percent pointing to declining risks".

The report assesses the severity of each global risk according to its likelihood and potential impacts.

The report suggests a "deteriorating geopolitical landscape" is partly to blame for the pessimistic outlook in 2018, with 93% of respondents saying they expect political or economic confrontations between major powers to worsen and almost 80% expecting an increase in risks associated with war involving major powers.

Themed "Creating a shared future in a fractured world", the 2018 WEF meet will focus on worldwide cooperation on critical shared interests, such as worldwide security, environment, the global economy and divisions within societies.

Before 2010, environmental risks didn't register in the top five concerns at all.

Along with extreme weather and natural disasters, other environmental threats near the top of the ranking include a failure to manage climate change and biodiversity loss.

These risks also form part of the top 10 list of risks that could have the most impact, along with biodiversity loss and ecosystem collapse, making it the worst year yet for environmental risks.

Extreme weather and natural disasters have been ranked as the greatest threats to the planet in a new report, by the World Economic Forum.

"A widening economic recovery presents us with an opportunity that we can not afford to squander, to tackle the fractures that we have allowed to weaken the world's institutions, societies and environment", said World Economic Forum founder and executive chairman Professor Klaus Schwab in a press release.

"Cyber-attacks are increasing and have become a global concern as many systems and devices that run critical infrastructure and decision making are now connected through the worldwide web".

"Together we have the resources and the new scientific and technological knowledge to prevent this".

"Humanity has become remarkably adept at understanding how to mitigate conventional risks that can be relatively easily isolated and managed with standard risk-management approaches", WEF founder and executive chairman Klaus Schwab and president Børge Brende wrote in the report's preface.

"The risks we are trying to grapple with here require multilateral solutions but we are moving in the other direction", said John Drzik, president of global risk and digital at the consultancy Marsh, which helped compile the report. At the same time, cyber exposure is growing as firms are becoming more dependent on technology.

"The financial impact of cybersecurity breaches is rising, and some of the largest costs in 2017 related to ransomware attacks". Unfortunately, we now observe a "too-little-too-late" response by governments and organizations to key trends such as climate change...

Much like Trump who, said White House press secretary Sarah Sanders in a statement on Tuesday, "looks forward to promoting his policies to strengthen American businesses, American industries, and American workers", Modi will invite worldwide businesses to invest in India and offer it as a greenfield FDI destination.

The annual report, released ahead of the annual WEF meeting in Davos, Switzerland next week, shows cyber security risks are also growing, both in prevalence and disruptive potential.



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