While global risks outlined in this report are dire, lessons from COVID-19 offer an opportunity for mitigation (see Hindsight). In this chapter, we close with a reflection on how governments, businesses and societies can begin to take steps for better preparedness in the face of perpetual global risk (see Box 1.1).īox 1.1: Future Preparedness for Global Risks With new stalemates and flashpoints in view, GRPS respondents rated “state collapse” and “multilateralism collapse” as critical threats over the next five to ten years.ĭespite these challenges, there is also space for building resilience. Institutions and policies to support international coordination were already in decline, and responses to the pandemic have caused new geopolitical tensions. The crisis has also challenged national policy-making and international relations in ways that threaten lasting impacts. According to the GRPS, “livelihood crises” will be a critical threat over the next two years, and their impact is likely to continue throughout the decade. Climate change-to which no one is immune, nor can the world vaccinate against it-continues to be catastrophic: “climate action failure” is the most impactful and second most likely long-term risk identified in the GRPS.īillions of people worldwide are at heightened risk of missing out on future economic opportunities, and the benefits of a resilient global community. All generations and groups have been affected by the crisis: older populations are the most vulnerable to the pandemic itself, and youth face new barriers to social mobility, strains on mental health, uncertain economic prospects and the continued degradation of the planet. “Digital inequality”, “youth disillusionment” and “social cohesion erosion”-newly included in the Global Risks Perception Survey (GRPS)-were all identified by respondents as critical short-term threats.Ī digital leap forward-disrupting industry, education, labour markets, and the balance of power between nations-risks widening the gap between the technological “haves” and “have-nots”.
New barriers to individual and collective advancement will likely result from the pandemic as the world faces the sudden disruption of social interactions, a widening digital divide, abrupt shifts in markets and consumer behaviour, loss of education and jobs, and challenges to democracy and international relations. They threaten to scale back years of progress on reducing global poverty and inequality and further damage social cohesion and global cooperation, which were already weakening before the virus struck. The immediate human and economic costs of COVID-19 are severe.
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