Be (Very) Afraid: World Economic Forum Expands List of Global Fears for 2022

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Cyber attacks, militarization of space, extreme weather events, ecosystem collapse, social divisions, wars and the coronavirus pandemic. These are the key worries the World Economic Forum (WEF) highlighted Tuesday as reasons to be fearful for 2022.

A report released by the Switzerland-based organization, headed by founder and executive chairman Klaus Schwab, detailed the grim tidings ahead of the annual elite winter gathering of CEOs and world leaders in the ski resort of Davos.

The event has been postponed for a second year in a row because of coronavirus. WEF organizers still plan some virtual sessions next week, however its Global Risks Report 2022 makes for unpleasant reading.

For I know that my Redeemer lives,
And He shall stand at last on the earth” Job 19:25 

It is based based on a survey of about 1,000 experts and leaders and in summary says:

WORLD OUTLOOK

The pandemic and its economic and societal impact still pose a “critical threat” to the world, the report said. Big differences between rich and poor nations’ access to vaccines mean their economies are recovering at uneven rates, which could widen social divisions and heighten geopolitical tensions.

By 2024, the global economy is forecast to be 2.3 percent smaller than it would have been without the pandemic. Commodity prices, inflation, and debt are rising in both the developed and developing worlds.

DIGITAL DISHARMONY

Attacks on critical infrastructure, misinformation, fraud and digital safety in 2022 will impact public trust in digital systems and increase costs for all stakeholders, the report said.

“We’re at the point now where cyberthreats are growing faster than our ability to effectively prevent and manage them,” said Carolina Klint, a risk management leader at Marsh, whose parent company Marsh McLennan co-authored the report with Zurich Insurance Group and SK Group.

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