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Global Report Warns of ‘Polycrisis’ of Current and Oncoming Risks

January 30, 2023 Leave a comment DRI Admin

Coming out of the World Economic Forum, the 2023 Global Risks Report has a new way of describing the increasingly interconnected levels of risk we’re dealing with: “polycrisis.”

The World Economic Forum, held in Davos last month, surveyed over 1,200 global risk experts, policy-makers and industry leaders to get a sense of both the short- and long-term risk landscape. This year’s top 10 risks for the next two years foreground the results of the COVID-19 pandemic and war in Europe – energy, inflation, food and security risks.

Meanwhile the other near-term risks of climate change and natural disasters are likely to create the long-term risks highlighted in the 10-year list.

Top 10 Risks (2 years):

  1. Cost of living crisis
  2. Natural disasters/extreme weather events
  3. Geoeconomic confrontation
  4. Failure to mitigate climate change
  5. Erosion of societal cohesion
  6. Large-scale environmental damage events
  7. Failure of climate change adaptation
  8. Widespread cybercrime and cyber insecurity
  9. Natural resource crises
  10. Large-scale involuntary migration

Top 10 Risks (10 years):

  1. Failure to mitigate climate change
  2. Failure of climate-change adaptation
  3. Natural disasters and extreme weather events
  4. Biodiversity loss and ecosystem collapse
  5. Large-scale involuntary migration
  6. Natural resource crises
  7. Erosion of social cohesion
  8. Widespread cybercrime and cyber insecurity
  9. Geoeconomic confrontation
  10. Large-scale environmental damage incidents.

For solutions, the report urges collective action to mitigate the effects of both the short- and long-term risks, before it’s too late. This includes both cooperation between countries, and partnerships between the public and private sector.

Click here to read the complete report.

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