Source: Katja Hamilton, Bizcommunity, 12 January 2022, photo credit: Caribbean DEVTrends/Inter-American Development Bank
The outlook for the recovery of our global economy is bleak. This is according to the World Economic Forum (WEF).
It released the 17th Global Risk Report 2022 on Tuesday, which reveals the top risks facing humanity.
The report – compiled in collaboration with professional services firms Marsh McLennan, SK Group and Zurich Insurance Group – is underpinned by the Global Risks Perception Survey, which gathers insights from nearly 1000 global experts and leaders.
84 per cent of people who responded to the survey said that they were worried or concerned about the outlook of the world.
“Short term we’re faced with global supply-chain challenges and huge inflationary pressure. And, due to the response to the Covid-19 crisis, there is a looming debt crisis in the world that reduces the fiscal ammunition going forward,” said Børge Brende, WEF president.
Climate action failure was cited as the number one danger going forward. Significant erosion of social cohesion, livelihood crisis, climate action failure, concerns about mental-health deterioration and extreme weather have been the growing concerns since the outbreak of the pandemic.
“Covid 19 – with its economic and social consequences – continues to pose a critical threat to the world leaving long-lasting consequences on social cohesion. Furthemore, the global economy is expected to be 2.3 per cent smaller by 2024 than it would have been without the pandemic, said Peter Gige, Chief Risk Officer, Zurich Insurance.
“In the next 5 to 10 years, climate action failure and the environmental risk it brings – in the form of extreme weather events – will bring the most critical long-term effects to the world.”
Read more
The South African Pork Producers’ Organisation (SAPPO) coordinates industry interventions and collaboratively manages risks in the value chain to enable the sustainability and profitability of pork producers in South Africa.
