Sunday, 15 September, 2019

Global tensions high ahead of Davos summit, warns World Economic Forum

German Chancellor Angela Merkel her Austrian counterpart Sebastian Kurz as well as the presidents of Iraq Afghanistan Colombia Peru Rwanda Uganda and Zimbabwe will attend the summit. AFP  File  Fabrice COFFRINI Global tensions high ahead of Davos summit, warns World Economic Forum
Pablo Mccormick | 20 January, 2019, 21:54

The report comes less than a week before world leaders descend on the Swiss alpine resort of Davos to shape the global economic and political agenda at a WEF summit.

In its annual Global Risks Report, the World Economic Forum said the world is evolving into "a period of divergence following a period of globalization".

"We simply do not have the gunpowder to deal with the kind of slowdown that current dynamics might lead us towards", Børge Brende, president of the WEF says.

"The world is sleep-walking into catastrophe", Alison Martin, group chief risk officer at Zurich Insurance Group, said at the launch of the 114-page report in London on Wednesday.

Cyber attacks continue to be ranked among the most pressing global risks, having been identified by the WEF as the biggest threat to European business last month, but environmental risks continue to dominate concerns in the long-term.

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They had no answer for Mahomes or the speedy Tyreek Hill, who torched the Patriots secondary for 140 yards and two touchdowns. As USA Today 's Andy Nesbitt put it on Thursday, Patriots quarterback Tom Brady "has been to what feels like 90 Super Bowls".

In 2018, the global economy slowed more than most forecasters had been predicting and stock markets around the world posted their worst year in a decade.

Also, the overwhelming majority of respondents (85 percent) are anxious about increased risks stemming from political confrontations between the world's major powers, reflecting a struggle over supremacy in various fields, including the economy, but also reflecting growing differences in views on fundamental values.

The report incorporates the results of the annual Global Risks Perception Survey, (GRPS), which included responses from approximately 1,000 experts and decision-makers.

John Drzik, President of Global Risk and Digital at Marsh, which helped with the preparation of the report, said the "more protectionist economic environment" is increasing costs and causing delays.

"It is no surprise that in 2019, environmental risks once again dominate the list of major concerns".

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The tough government response has drawn worldwide criticism, while Bashir has blamed the violence on unidentified "conspirators". According to The New York Times , up to 28 have died in clashes, while Human Rights Watch now estimates the death toll at 40.

Environmental risks also pose problems for urban infrastructure and its development.

'With global trade and economic growth at risk in 2019, there is a more urgent need than ever to renew the architecture of worldwide cooperation, ' said Borge Brende, President of the WEF.

The forum says 65 heads of state and government-including Jair Bolsonaro, who is expected as part of his debut overseas trip as Brazilian president-and about 40 heads of global organizations like UN Secretary-General Antonio Guterres will be on hand.

All those taking part in the Davos meeting need to summon the imagination and commitment necessary to tackle the instability, said Schwab, who is also WEF executive chairman.

The report said rapidly growing coastal cities, particularly in Asia, are making people more vulnerable to climate change.

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"We are entering a period of profound global instability brought on by the technological disruption of the Fourth Industrial Revolution and the realignment of geo-economics and geopolitical forces", said Schwab.

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