World Economic Forum report sees the looming, prolonged economic crisis as a huge threat
Risk managers consider a prolonged global recession as the biggest risk to their businesses in the next 18 months, according to a World Economic Forum report.
Two thirds of those surveyed in the report, “Covid-19 Risks Outlook”, cite a prolonged global recession as their biggest risk, while half expect bankruptcies and industry consolidation due to disrupted supply chains.surveyed nearly 350 senior risk professionals. They were asked to look at the next 18 months and rank their biggest concerns in terms of likely impact for the world and for business. The survey was conducted from April 1 -13.
Of those surveyed, the largest number came from insurance and asset management , while 11% were from the banking and capital markets industries. A third were from Europe, while 23% were from Sub-Saharan Africa, and a similar number were surveyed in the Middle East and Asia Pacific. Half of the participants expect additional cyber-attacks and data fraud due to a shift in work patterns, while just less than half expect a prolonged disruption of global supply chains. About half expect high levels of structural unemployment, especially for the youth.
“The crisis has devastated lives and livelihoods,” said WEF MD Saadia Zahidi. “It has triggered an economic crisis with far-reaching implications and revealed the inadequacies of the past.”
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