The World Economic Forum’s Global Risks Report 2024 released its most recent report based on a survey on January 10, 2024. The report highlights the ongoing struggle of nations worldwide to recover and make up for what was lost in the aftermath of the COVID-19 pandemic.
The report identifies four “structural forces” that will shape the trajectory of global risks over the world across the next decade. These forces involve global warming and its consequences, secondly, the changes in the size, growth, and structure of global populations, thirdly, the developmental of advanced technologies, and fourth and lastly, the concentration of power and resources geopolitically and the shifts in this power equation.
The report details environmental risks taken as the most important and dangerous aspect. About two-thirds of the respondents have ranked Extreme Weather as the top risk that would most likely be the cause for sparking a global crisis in 2024. The report notes that the warming phase of the El Niño-Southern Oscillation (ENSO) cycle is projected to intensify and persist until May in 2024.
Amid these pressing global challenges, the report identifies the increasing and rising threat of misinformation and disinformation, and categorises it as the most severe global risk anticipated over the next two years. The report has highlighted the need for global cooperation and strategic measures to counteract this growing issue. Misinformation is ranked as the fifth most impactful risk over the next decade. The report further warns how the pandemic has made it a vulnerable landscape and also a fertile ground for the proliferation of misinformation and disinformation, which in turn can worsen societal and political divisions. The report highlights how in the context of 3 billion people heading to electoral polls in 2024, a list which includes India, and thus concludes that in the light of the widespread use of misinformation, this poses an even greater danger.
The report connects misinformation strongly to, what it calls, societal polarisation. The report categories societal polarisation as a top-three risks over both the current and two-year time horizons. The report warns that as polarisation intensifies and technological risks remain unchecked and advance without any external scrutiny, the idea of ‘truth’ will face increased pressure. Additionally, societal polarisation and the economic upheaval are identified as the most interconnected risks in the global risks network by the report. Incidentally, India is marked the country most at risk to witness polarisation in society due to the rise of misinformation and false narratives in the coming year. Other countries similarly marked include El Salvador, Saudi Arabia, Pakistan, Romania etc.
The report suggests that the coming decade is likely to be a period marked by heavy unpredictability as the globe will be navigating geopolitical transformations, climate shifts, demographic changes, and technological advancements. During this time, the report highlights and stresses the need for global cooperation and also urged for countries and institutions to take use of opportunities for proactive measures. The report argues that addressing these challenges with custom made strategies implemented and curated at the local level can effectively work as a damage control strategy to mitigate risks.
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