January 2010

Warnings of the long shadow of the financial crisis: The result of extensive input throughout the previous year by experts from business, academia, and the public sector, Global Risks 2010 highlights a number of slow-moving risks exacerbated by the financial crisis and global economic downturn, and stresses the continued need to further enhance global resilience to risks. Global governance gaps, an issue already to the fore in Global Risks 2009, continues to be at the nexus of global risks and the need for coordinated global action is increasingly urgent.

Fiscal crises and unemployment, underinvestment in infrastructure and chronic disease are identified as the pivotal areas of risk over the next years. At the same time, the Report warns that there are also a number of risks to keep on the radar, including the economic and social costs of transnational crime and corruption, biodiversity losses and risks to critical systems from cyber vulnerability.

The Report suggests that the events of the past year have highlighted the systemic nature of global risks and the need to rethink how to manage and respond to them. Reverting to “business as usual” could have serious implications in the long term in several risk areas. This reflects the premise at the core of the Global Risk Network’s work that global risks do not manifest themselves in isolation.

“The next few months will put the willingness among global decision-makers to cooperate on addressing global risks to the test. Simply reverting to ‘business as usual’ could have serious implications in the long term in several risk areas.”

Ends --

See Sheana Tambourgi, Director, Head of Global Risks Network, World Economic Forum at:

www.youtube.com/watch?v=qRjnTV5wZAg

Attachments:

WEFreport2010

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