Economic and political polarization will rise this year, as collaboration between world leaders, businesses and policy-makers is needed more than ever to stop severe threats to our climate, environment, public health and technology systems. This points to a clear need for a multistakeholder approach to mitigating risk at a time when the world cannot wait for the fog of geopolitical disorder to lift. These are the findings of the World Economic Forum’s Global Risks Report 2020. The report forecasts a year of increased domestic and international divisions and economic slowdown. Geopolitical turbulence is propelling us towards an “unsettled” unilateral world of great power rivalries at a time when business and government leaders must focus urgently on working together to tackle shared risks.
Over 750 global experts and decision-makers were asked to rank their biggest concerns in terms of likelihood and impact and 78 percent said they expect “economic confrontations” and “domestic political polarization” to rise in 2020.
Watch our video featuring Peter Giger, Group Chief Risk Officer, Zurich Insurance Group, to learn more about these growing risks and what you should consider as you address them in your risk-management mitigation and planning.