February 4, 2023

“Catastrophic Outcomes” – Davos Top notch Worried About Global Volatility, Cost-Of-Living Crisis

There will be little respite from “energy inflation, food and security crises” in the coming years, based on WEF report

What happens whenever plebs can’t afford breads, and the circuses aren’t that entertaining?

Nothing good. Which is why the cost-of-living crisis is the #1 problem, according to the World Economic Forum’s Global Risks Report – an annual poll of 1, 200 government, business plus civil society professionals.

According to the poll,   there will be little respite from “ energy inflation, food and protection crises”   in the coming years (or months? ).

In the close to term, nearly 70% of those polled say volatile economies and various ‘ shocks’ are in the cards, whilst 20% or so of those polled say they fear “ catastrophic outcomes” within the next ten years, according to  Bloomberg .

“ Very few frontrunners in today’s generation have been by means of these kind of traditional risks  around food and energy, while at the same time battling what’s coming up in terms of financial debt, what’s coming up in terms of environment, ” said Saadia Zahidi, WEF managing director, who also warned that  the world might be entering a “ vicious cycle . ”

“ We will need a sort of new kind of leadership that is much more agile, ” she told  Bloomberg Television .

Next week will tag the annual WEF meeting in Davos, Switzerland, where the global elite will sit around and discuss how best to run our lives.

The particular gathering begins at a time when  inflation is at a four-decade-high across many advanced financial systems,   with interest rates far more elevated than anyone had been predicting 12 months ago.

The report calls for global assistance,   and warns that if governments mishandle the current crisis they “ risk creating societal distress at an unparalleled level, as investments within health, education and financial development disappear, further eroding social cohesion. ”

Improves in military expenditure can reduce support for vulnerable households, leaving some countries in a “ perpetual condition of crisis” and set back the urgent need to tackle climate change and biodiversity loss. -Bloomberg

The worst case scenario, according to the report,   could be the risk of “ geoeconomic warfare” –   in which geopolitical rivalries are likely to raise economic tensions, exacerbating each short and long-term risks.  

“ In this already toxic mixture of known and rising global risks, a new shock event, from a new military turmoil to a new virus, can become unmanageable, ” according to Zahidi. “ Climate plus human development therefore must be at the core of concerns of global leaders to boost resilience against future shocks. ”

What’s more, the particular report also warned that this interaction of a ‘ bunch of risks’ can cause a cascade of future complications in a “ polycrisis, ” such as “ resource rivalry” in which countries compete intended for natural resources.

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