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The World Economic Forum taking place in Davos, Switzerland released the 18th edition of the Global Risk Report 2023 based on the 2022-2023 Global Risks Perception Survey (GRPS) that reveals the cost of living crisis, food supply crisis, energy supply crisis, rising inflation and cyberattacks on critical infrastructure are the major risks, the world is witnessing currently.
Apart from the five top risks, the report mentioned other issues as well that have the potential to impact the world on large scale including the weaponisation of economic policy, weakening of human rights, NetZero targets, failure of non-food supply chains and a debt crisis.
According to the report, the participants of the survey see the way 2025 will be dominated by a social and environmental risk which is driven by underlying geopolitical and economic trends.
The WEF Global Risks Report ranked the ‘cost of living crisis’ in first place among all the global risks on the basis of its severity over the short term.
As per the respondents of GRPS, the Cost of living is the most severe global risk which was already there but due to the advent of the pandemic, the crisis of cost of living escalated. This risk further shoots up as a consequence of the Russia-Ukraine conflict.
The disruption occurred in the energy supply due to the Russia-Ukraine crisis, expanded the expenditure of countries and end it up in rising inflation. To solve this issue, many countries introduced restrictions including export bans.
The report also mentioned that due to the increase in fuel prices, protests broke out in nearly 92 countries.
Apart from this, rising inflation is another top global risk that potentially impacts global space, earlier GRR (Global Risks Report) warned that inflation and debt an emerging risks. Today, countries like UK and US are struggling to control it.
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