World Economic Forum reveals report on business leaders' top risks

  • World Economic Forum reveals report on business leaders' top risks

World Economic Forum reveals report on business leaders' top risks

The World Economic Forum has warned that the coronavirus pandemic could widen divisions among people, potentially leading to economic and geopolitical risks in the mid- to long-term. The Covid-19 pandemic looks set to have a lasting impact in the next ten years.

"We know how hard it is for governments, business and other stakeholders to address such long-term risks, but the lesson is to recognise that ignoring them doesn't make them less likely", Zahidi said.

Billions of caregivers, workers and students - especially minorities who were disadvantaged before the pandemic - are now at risk of missing pathways to the new and fairer societies that the recovery could unlock, the report said.

The pandemic poses a risk for the global economy in the next three to five years, the WEF predicted, and in the next five to ten years it will "weaken geopolitical stability".

Additionally, financial, digital, and reputational pressures tied to COVID-19 could threaten to leave behind many organisations and their workforces in the markets of the future, noted the WEF report. "The Covid-19 pandemic has not only claimed millions of lives, but it also widened long-standing health, economic and digital disparities".

Those surveyed ranked climate action failure as the risk that worries them the most, followed by livelihood crises and spread of infectious diseases.

Leaders will also hold a face-to-face meeting in Singapore in May.

Chinese President Xi Jinping will attend the Davos Agenda of the World Economic Forum (WEF) and deliver a speech via video link on January 25, the Chinese Foreign Ministry announced on Tuesday.

Others expected include Israeli prime minister Benjamin Netanyahu, French President Emmanuel Macron and President Ivan Duque of Colombia.

The annual risk report - with this year's edition being the 16th - identifies and analyses critical global risks facing the world.