
The global risks report 2020
This report explores the most pressing economic, environmental, technological, and public health challenges facing stakeholders amid an unstable global landscape. It proposes stakeholders should act quickly to address these challenges, in partnership with others, to mitigate risks and shape a more sustainable future.
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OVERVIEW
Against a backdrop of geopolitical and geo-economic uncertainty, the report explores the most pressing environmental, economic, public health, and technological challenges. The report warns against waiting for the uncertainty to lift and suggests stakeholders should act quickly to address these challenges.
The report identifies global economic stagnation caused by increasing risk. Deepening geopolitical uncertainty, low trade barriers, and fiscal prudence contribute to the risk. Leaders’ advancing nationalistic policies also add to the issue. The report suggests stakeholders must find ways to act quickly around the world. Fiscal and monetary stimuli margins are also narrower than previous years.
Climate action failure is now among the top five most concerning risks for doing business over the next decade. Businesses must account for ecological risks and reputations that may result from nature-related risks. Consumers must demand more sustainable policymaking and products. Stakeholders should integrate climate risks with economic and financial activities, ultimately driving boardroom discussions. The report suggests governments move towards mandatory disclosure of climate risks by listed companies.
The World Economic Forum has argued the need to consider social well-being alongside economic gains since 1970. A more socially conscious global economic system should emerge, where economic growth, political will, and social stability are fundamental to ensure a prompt and smooth transition to a more cohesive and sustainable model of “stakeholder capitalism.”
The report concludes that unless action is taken promptly and collaboratively, the risk of missing crucial windows to address pressing challenges increases. It proposes stakeholders need to work together, developing sustainable, integrated solutions to the world’s most pressing challenges.