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Youth disillusionment, digital inequality among India’s top risks: WEF report

Youth disillusionment, digital inequality among India’s top risks: WEF report

The Global Risks Report 2022 stated that fracture of interstate relations, debt crisis, and failure of technology governance are also amid the top risks.

World Economic Forum's Global Risks Report 2022 World Economic Forum's Global Risks Report 2022

Widespread youth disillusionment and digital inequality are among the top five risks for India, according to a report. The Global Risks Report 2022 released by the World Economic Forum (WEF) on Tuesday stated that apart from the aforementioned the other three risks are fracture of interstate relations, debt crisis, and failure of technology governance.

The report stated that youth disengagement, lack of confidence and/or loss of trust of existing economic, political and social structures at a global scale negatively impacts social stability, individual well-being and economic productivity.

Unequal access to digital networks and technology is due to unequal investment capabilities, lack of necessary skills in the workforce, insufficient purchase power, government restrictions and/or cultural differences.

Corporate and public finances overwhelmed by debt accumulation and/or debt servicing in large economies could result in mass bankruptcies, defaults, insolvency, liquidity crises or sovereign debt crises. The survey added that economic, political and/or technological rivalries between geopolitical powers could lead to a fracture in interstate relations.

WEF Global Risks Report 2022 identifies top risks for India

Failure of technology governance could stem from globally accepted frameworks, institutions or regulations for the use of critical digital networks and technology.   

The survey, part of the report, looked into five risks that could pose a critical threat to a country in the next two years. The WEF’s Executive Opinion Survey (EOS) was conducted between May and September 2021 and involved 12,000 leaders who were asked to pick from a list of 35 risks in no particular order.

According to the WEF’s Global Risks Report 2022 released ahead of the Davos Agenda, a “global risk is the possibility of the occurrence of an event or condition that, if it occurs, could cause significant negative impact for several countries or industries”.

It stated that climate change was the number one danger, while erosion of social cohesion, livelihood crises and mental health deterioration were identified as risks which had increased the most since the start of the Covid-19 pandemic.
 
"Global leaders must come together and adopt a coordinated multi-stakeholder approach to tackle unrelenting global challenges and build resilience ahead of the next crisis," Saadia Zahidi, WEF managing director, said.  

Also read: Climate change number one danger to global economy: WEF report