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Global Risk Report 2023 released by World Economic Forum (WEF)

Current Affairs

  • The report is published annually based on Global Risks Perception Survey. It highlights key risks across five categories: Economic, Environmental, Geopolitical, Societal, and Technological.
  • Global risk is defined as the possibility of the occurrence of an event or condition that, if it occurs, would negatively impact a significant proportion of global GDP, population, or natural resources.
  • Global risks are ranked by severity over the short and long term.
  • The top 5 risks for India are Digital inequality, Geopolitical contest for resources, Cost-of-living crisis, Debt crises, Natural disasters, and Extreme weather events over the short and medium term.
  • Cost of living dominates and global risks in the next 2 years while climate action failure dominates next decade.
  • Economic aftereffects of COVID-19 and the Ukraine war resulted in rising inflation, rapid normalization of monetary policies, low growth, low-investment era.
  • Technology such as AI, quantum computing, biotechnology, etc. will exacerbate inequalities and the digital divide.

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