Brace yourself for an even more unequal post-pandemic world: WEF | Inequality News

The world, laden with scars from COVID-19, is ill-prepared to deal with growing existential threats, a new report warns.

The world is becoming increasingly unequal and the divergence, made worse by the pandemic, is sure to cause additional tensions, resentments and further complicate nations’ responses to climate change, economic disparities and social instabilities, according to one. new report.

The Global Risks Report 2022 (PDF) – a 17th edition of the World Economic Forum (WEF) and released on Tuesday – warns that the economic recovery from the coronavirus, much of which relies on the rollout of vaccinations, has deepened divisions between nations and in the international community in general.

“The world has been through a lot together, but we are not recovering together: 2022 begins with half the population still unvaccinated and an uneven economic rebound that could divide the global economy,” said Al Emilio Franco, WEF Global Risk Manager. Jazeera.

In the 52 poorest countries – which are home to 20 percent of the world’s population – only 6 percent of the population has been vaccinated (compared to 69.9 percent in high-income countries), according to the WEF report.

“This is why our Global Risks Report warns of global divergence as the main risk; this will create tensions nationally and internationally at a time when societies and countries must work together to restore confidence and build future resilience, ”added Franco.

In addition, inflation, supply chain disruptions, soaring debt and protectionism are dragging the global economy into rough waters. These challenges are compounded by the risks posed by climate change, the growing threat of cyber attacks, massive migration and a race to explore for space.

The emergence of a new variant of the coronavirus at the end of 2021 confirmed what many economists fear: the global economic recovery is on unstable ground and any disruption could have lasting consequences.

By 2024, developing economies (excluding China) will have fallen 5.5% below their expected gross domestic product (GDP) growth before the pandemic, while advanced economies will have exceeded by 0.9%, according to WEF.

Restoring confidence and promoting cooperation between countries will be key to meeting the challenges and preventing the nations of the world from moving further apart, the WEF said.

Extreme poverty, climate transitions and rapid digitization

The WEF report is based on information gathered from nearly 1,000 experts who have been invited to reflect on the global response to the pandemic and to reflect on how world leaders can meet the challenges ahead. Some 84 percent of those polled said they were concerned about the direction the globe was heading.

The report also draws on the views of more than 12,000 national leaders from 124 countries who have identified critical risks.

The erosion of social cohesion has been ranked as the main short-term threat in 31 countries, including Argentina, France, Germany, Mexico and South Africa in the group of 20 nations. According to the WEF, some 51 million more people are expected to live in extreme poverty compared to the pre-pandemic trend.

A disorderly transition to climate-friendly policies is likely to separate countries and create barriers between them. Shifting away from carbon-intensive industries will lead to economic volatility and worsen unemployment, warns the WEF in its report.

The growing dependence on digital systems, which increased dramatically during the pandemic, changed the world forever. And the world is not prepared: In 2020, malware and ransomware attacks increased by 358% and 435% respectively.

One thing the pandemic has shown is that no country is immune to economic, environmental and social disruption. This is why governments must invest as a priority to prepare for the myriad of challenges that lie ahead.

According to the WEF, this means addressing large-scale policy challenges, building resilience to future public health and climate shocks, and encouraging greater private sector participation in the search for solutions.

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