Global Risk Report 2020: Highlights

Published on Saturday, July 18, 2020
Global Risk Report 2020: Highlights
  • The Global Risk Report 2020 has been released by the World Economic Forum. It is the 15th edition of this report. The report has been released in partnership with Marsh & McLennan and Zurich Insurance Group. The basic aim of the report is to highlight the major risks that the world will be facing in the coming year. This year’s report has coincided with the 50th anniversary of the World Economic Forum.

Key Findings-

  • According to the Global Risk Report 2020, the stakeholders must find ways to act quickly on key issues like economy, the environment, technology and public health.
  • The pressure on the global economy due to macroeconomic fragilities and financial inequality has intensified in 2019 and is continuously increasing the risk of economic stagnation.
  • Disapproval of how governments are addressing profound economic and social issues has resulted in protests throughout the world which in turn is diminishing the ability of governments to take decisive action. Also, without economic and social stability, countries can lack the financial resources, fiscal margin, political capital or social support that is needed to fight with the key global risks.
  • Climate Change is one of the biggest risks. The last 5 years were warmest on record. Along with this, natural disasters are becoming frequent.
  • The global temperatures will rise by at least 3°C towards the end of the century which is almost twice of the limit told by climate experts to avoid the most severe economic, social and consequences.
  • Although digital technology is bringing tremendous economic and societal benefits, some factors like unequal access to internet, cyber insecurity are some of the significant risks.
  • Health systems around the world are becoming weak. Non-communicable diseases— such as cardiovascular diseases and mental illness—have replaced infectious diseases as the leading cause of death.
  • Quick action is required to overcome all these risks. There is still hope to address these issues but the time is less.

Question

Q1. The Global Risk Report 2020 has been released by which organisation?
  1. World Bank
  2. International Monetary Fund
  3. World Economic Forum
  4. Asian Development Bank
  5. Institute of Risk Management
Answer- 3 

Explanation-
The Global Risk Report 2020 has been released by the World Economic Forum in partnership with Marsh & McLennan and Zurich Insurance Group. It is the 15th edition of the report.

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