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Global map of risks
The Global Risks Report released annually by the World Economic Forum (WEF) tracks global risks perceptions among risk experts and world leaders in business, government and civil society. This year, environmental risks appear as top risks in the short-, medium-and long-term outlooks. Climate action failure, extreme weather events, biodiversity loss and ecosystem collapse were considered the top three of the top 10 global risks by severity over the next 10 years.
The key findings of the survey and the analysis are:
- COVID-19 crisis effects: Respondents noted that societal and environmental risks have worsened the most since the start of the pandemic, including, among others, “social cohesion erosion”, “livelihood crises” and “mental health deterioration”.
- Growth perspectives: Only 11% of respondents thought the world would be characterized by an accelerating global recovery towards 2024.
- Global risks by severity over the next 10 years: Respondents signal again that environmental risks have the potential to yield the most damage to people and the planet, followed by societal challenges. “Debt crises” and “geoeconomic confrontations” are also in the top 10 risks by severity over the next 10 years.
- Risk Horizon over the coming years: Environmental risks appear as top risks in the short-, medium-and long-term outlooks. In the medium term, there are economic risks such as “debt crises” or “asset bubble burst”. In the longer-term horizon, geopolitical and technological risks are of concern, too.
- A divergent recovery threatens long-term prosperity for all, impacting on the world's ability to tackle common challenges such as climate change, enhancing digital safety or social cohesion.
- Growing dependency on digital systems. At the same time, cybersecurity threats are growing and outpacing societies’ ability to effectively prevent or respond to them.
- Involuntary migration is also a top long-term concern. Driven by growing insecurity in the forms of economic hardship, worsening impacts of climate change and political persecution, which will force millions to leave their homes in search of a better future.
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According to Kristalina Georgeva IMF Managing Director, lifting growth requires three things: one, regulatory housecleaning to unleash private enterprise; two, deeper regional integration; and three, preparedness to harness AI.
According to The European House – Ambrosetti, the European Union has an opportunity to boost competitiveness and growth by simplifying regulatory and supervisory frameworks, particularly in the areas of sustainability and the financial sector.
According to Ramón Casilda Béjar, Spain, in today’s complex geopolitical landscape, has the opportunity to strengthen its role as a bridge and connecting country between Ibero-America and the European Union, revitalizing investment flows in both directions.
According to @ECB, in moments of acute stress, the public often turns to physical currency as a reliable store of value and a resilient means of payment, underscoring the crucial role it plays above and beyond everyday transactional convenience
According to Juan S. Mora-Sanguinetti, in Spain a 10% increase in regulatory volume leads to a 0.5% drop in employment in companies with fewer than 10 employees.
According to Hélène Rey “In a world where stablecoins, particularly those pegged to the dollar, become an important global payment tool, we must brace ourselves for substantial consequences”.
@judith_arnal proposes reforms for the EU to advance regulatory simplification, starting with consensus on its meaning, with competitiveness as a pillar, plus coordination mechanisms and a governance rethink.
According to @iee_org, Spain has one of the most demanding tax environments for businesses within the European and international context, which may have significant implications for competitiveness, foreign investment attraction, and business expansion.
According to Christine Lagarde for the euro to gain in status, Europe must take decisive steps by completing the single market, reducing regulatory burdens and building a robust capital markets union.
According to the Bank of Spain, in a context of strong growth in transactions and prices, the conditions under which new mortgage loans are granted currently show no signs of easing in lending standards.
McKinsey notes that European private capital is half the size of the U.S. and must play a key role in boosting competitiveness, by driving innovation, scaling firms, and mobilizing the investment needed to close the gap with other regions.
IMF states that global financial stability risks have grown significantly, driven by tighter financial conditions and heightened trade and geopolitical uncertainty.