“Environmental risks could hit the point of no return”, with two-thirds of responses ranking extreme weather as the top risk most likely to present a material crisis on a global scale this year, according to The World Economic Forum's (WEF) 2024 Global Risk Perception Survey.
The Global Risks Report 2024, produced in partnership with Marsh McLennan and Zurich Insurance Group, also found that survey respondents perceive societal risks — such as misinformation and disinformation, accelerated by artificial intelligence (AI) technologies — to have increased exponentially.
Close to three billion people are expected to head to the electoral polls across several economies, including Bangladesh, India, Mexico, Pakistan, the UK and the US, over the next two years. The report cites fears that the above risk will undermine the legitimacy of newly elected governments, which could result in further civil unrest.
Airmic comments that this could bring with it “increased social and political instability in a world already riven by the conflicts in Ukraine-Russia and Israel-Palestine”.
Additionally, the report states that the cost-of-living crisis remains a major concern in the outlook for 2024, citing the risks of inflation and economic downtown.
The WEF says: “Economic uncertainty will weigh heavily across most markets, but capital will be the costliest for the most vulnerable countries.
“Climate-vulnerable or conflict prone countries stand to be increasingly locked out of much-needed digital and physical infrastructure, trade and green investments and related economic opportunities.”
The survey concludes by considering approaches for addressing complex and non-linear aspects of global risks during this period of global fragmentation.
