Key Findings of the WEF 2024 Global Risks Report
The Global Risks Report 2024, derived from the World Economic Forum's Global Risks Perception Survey (GRPS) 2023-2024
The Global Risks Report 2024, derived from the World Economic Forum's Global Risks Perception Survey (GRPS) 2023-2024
The Global Risks Report 2024, derived from the World Economic Forum's Global Risks Perception Survey (GRPS)2023-2024, offers vital insights for strategic decision-making. Surveying nearly 1500 global experts, it evaluates current global risks across economic, environmental, geopolitical, societal, and technological domains. The outlook is bleak for the next two years and worsens over the next decade due to structural forces like climate change, demographic shifts, technological acceleration, and geo strategic changes. Extreme weather remains a top environmental concern, accompanied by societal polarization, economic strains, and geopolitical tensions, posing potential technology-driven security risks.The report stresses the necessity of cooperation and localized strategies in a fragmented world, emphasizing cross-border collaboration for human security and prosperity in the next decade. Key findings are summarized below.
The global outlook worsens – Challenges ahead
The report reveals a concerning global outlook with a deteriorating trajectory.Based on GRPS 2023-2024 survey results, 54% foresee instability and moderate global catastrophe risk in the next two years. Over the decade, nearly two-thirds expect a turbulent future. This pessimism is projected to intensify.The analysis links these findings to four structural forces—climate change, demographics, technology acceleration, and geo strategic shifts. These forces reshape the global landscape, impacting societies' preparedness and response to global risks significantly.
Environmental risks nearing critical point
Top environmental risks, notably extreme weather, concern two-thirds of respondents as the primary global crisis trigger in 2024. The report underlines potential irreversible consequences, emphasizing a situation near the point of no return.This theme of interconnected environmental risks persists both short and longterm. Extreme weather remains the second-highest risk over two years, reinforcing environmental risks among the top 10 with lasting impacts.Respondents' consensus solidifies the pivotal role of environmental issues in shaping the global risk landscape.
Society's escalating polarization challenges truth
Societal polarization is identified as atop-three risk over the next two years, securing the ninth position in the longer term. The report highlights its interconnectedness with economic downturn, emphasizing their influence within the global risk network. 'Truth' is at risk due to escalating polarization and unchecked technological factors, impacting elections and public discourse. This phenomenon maintains prominence over the two-year horizon and serves as both a driver and consequence of various interconnected risks, emphasizing its significant role in shaping the complex web of global risks.
Increased economic pressures on low- and middle-income sectors
The Cost-of-living crisis, a central concern in the 2024 outlook, is exacerbated by economic risks such as Inflation(#7) and Economic downturn (#9) ranking in the top 10 over a two-year period.This underscores the escalating economic pressures on low- and middle-income individuals and nations, posing potential threats to financial stability and overall well-being.
Rising geopolitical tensions and tech advances spawn security risks
Interstate armed conflict, a dual product and catalyst of national fragility, emerged as the top risk for the first time in two years due to geopolitical tensions and technological advances. The diversion of attention by major powers on the global battlefield has raised concerns about the spread of conflict. The report highlights the potential threats posed by non-state and state actors using technologies, including generative artificial intelligence, to malware and biological weapons.
Ideological and geo economic divides disrupt future governance
The report highlights a deepening global divide, signaling potential paralysis in international governance mechanisms.As major powers shift attention, geopolitical and geoeconomics divides may reshape security dynamics. Growing influence, particularly in the Global South, could impact international relations, redirecting focus and resources away from addressing pressing global risks.
Opportunities for global risk action in a fragmented world
Despite challenges, the report advocates for localized investment and regulation strategies to mitigate foreseeable risks. Stressing the collective impact of individuals, companies, and countries, both public and private sectors play crucial roles. In a fragmented world, cooperation faces challenges, yet opportunities persist—spanning from local to international levels. Individual and collaborative efforts can meaningfully diminish the impact of global risks through effective, localized strategies.
These findings reveal a global landscape marked by the accumulation of economic, geopolitical, and societal vulnerabilities. In the upcoming two blogs, we'll summarize the Top Global Risks over the two-year and ten-year horizons from the report, delving into their main implications.
