It also said "identity politics" could fan geopolitical and domestic risks

Jan 21, 2018, 01:22
It also said

The prospect of strong economic growth in 2018 presents leaders with a golden opportunity to address signs of severe weakness in numerous complex systems that underpin our world, such as societies, economies, global relations and the environment.

WEF stated this in its Global Risks Report 2018, that was released wednesday.

Its Global Risks Report is based on a survey of almost 1,000 experts and decision-makers from business, academia and other fields on 30 risks over a 10-year horizon.

Cyber security risks are also growing, according to the WEF report.

A deteriorating geopolitical landscape is partly to blame for the pessimistic outlook in 2018, with 93% of respondents saying they expect political or economic confrontations between major powers to worsen and almost 80% expecting an increase in risks associated with war involving major powers.

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The WEF cited a "deteriorating geopolitical landscape" and increasing cyber threats as key factors behind a pessimistic outlook this year - adding to continued worries about the environment.

"What would be instructive is to hear from the new USA administration that it is interested and understands there are serious risks of the ilk we discuss in the report, and sees an important role for worldwide cooperation", Richard Samans, a member of the WEF's managing board, said at a press conference when asked Trump's appearance at the event.

The greatest concerns for North American business leaders are cyberattacks, terrorism, asset bubbles, fiscal crises and the failure of adapting to climate change. And two of the most prominent risks for American businesses, specifically, will be inadequate protections against cyberattacks and the potential environmental disasters stemming from climate change.

Major natural disasters and environmental catastrophes were ranked highly in terms of likelihood and impact.

'A widening economic recovery presents us with an opportunity that we can not afford to squander, to tackle the fractures that we have allowed to weaken the world's institutions, societies and environment, ' said Klaus Schwab, founder and executive chairman of the WEF.

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Klaus Schwab, the forum's founder, said one big issue will be "the future of global cooperation related to trade, environment, the fight against terrorism, tax systems, competitiveness".

John Drzik, President - Global Risk and Digital at Marsh & McLennan insurance group, said: "Geopolitical friction is contributing to a surge in the scale and sophistication of cyber attacks". The survey revealed that rising cyber dependency of people across the world has exposed them to adverse consequences of technological advances, and cyber crime like data theft and cyber-attacks. "While cyber risk management is improving, business and government need to invest far more in resilience efforts". I think about the proliferation of interconnected devices-there's now today 8.4 billion of those out there, so already greater than the global population of 7.6 billion, and projected to grow to 20 billion in 2020, so that just widens the attack surface for companies to potential attacks.

The risk of extreme weather ending human existence is topped only by the risk posed weapons of mass destruction.

In terms of how the Forum will respond to growing cyber-threats Richard Samans, member of the managing board, World Economic Forum, explained that at the World Economic Forum Annual Meeting in Davos, Switzerland next week, the Forum will be launching a new public-private platform in the form of a Global Centre for Cybersecurity.

Much like Trump who, said White House press secretary Sarah Sanders in a statement on Tuesday, "looks forward to promoting his policies to strengthen American businesses, American industries, and American workers", Modi will invite worldwide businesses to invest in India and offer it as a greenfield FDI destination.

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