Global risks at the center of the WEF in Davos: A huge mountain of worries is piling up before the Magic Mountain

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Christian KolbeEconomics Editor

Global lines of concern are deeper than they have been in a long time. This gives extraordinary importance to the annual meeting of the World Economic Forum (WEF), which starts on Monday. The world is burning around every corner, and the fire service, especially the western democracies, seems hopelessly overwhelmed.

It is clear from the invitation list how serious the situation is. Never before have so many heads of state and government come to Davos. The most important of these are French President Emmanuel Macron (46) and Volodymyr Zelensky (45). The Ukrainian president, more than anyone else, is dependent on the support of the global elite who will meet in the Swiss mountains next week.

“The Year of Voldemort”

A global mountain of anxiety is piling up in front of the Magic Mountain in Davos. American risk researcher and political scientist Ian Bremmer (54) paints a gloomy picture: “From a political perspective, 2024 is the year of Voldemort. A year full of horrors. Nothing to mention.” Voldemort is the arch-nemesis of magic student Harry Potter. The mere mention of the dark lord’s name is said to herald misfortune.

Bremer and the WEF recently presented reports on the biggest global risks. There are wars, but there are also elections. Because 2024 is a great election year. A new president is not just elected in the USA; In more than 80 countries, the president or parliament is re-elected. More than four billion people, that is, half of humanity, will be called to the polls!

“US elections are the biggest political risk globally,” says Bremmer. Just the nomination of Donald Trump (77) will have a huge impact on world politics. Bremmer calls the conflict emerging in the highly polarized country: “USA against itself.” No matter who loses, no one will accept the result. Perhaps just a few 10,000 votes will determine the outcome of the election and thus the fate of the global community.

A wave of misinformation about the other side is already beginning in the United States. However, in many other countries there is also a threat of rapidly spreading disinformation campaigns using digital technologies ahead of elections. For the WEF, “misinformation and disinformation” is the biggest global risk in the short term. The problem: This isn’t about getting the most enlightened citizens possible to the polls, but rather about inciting your side through targeted misinformation. The desired result should not come with an uncertain outcome.

Both the war in Ukraine and the Middle East conflict that flared up again after the Hamas massacre on October 7 have the potential to escalate. This is a particularly difficult situation for Ukraine, as international interest and support for the country attacked by Russia has diminished. Ukraine is threatened by an externally imposed division, and Europe is threatened by a permanent source of conflict in its immediate vicinity.

The US and its allies’ attack on Houthi rebel bases in Yemen to secure international supply chains threatens to spark a conflagration in the Middle East. It will have unpredictable consequences for the region and the global economy. The big problem in Bremmer’s eyes: “There is no responsible politician in sight who can stop the conflict from escalating.”

Artificial intelligence is both a blessing and a curse. On the one hand, it creates new jobs, but at the same time, it threatens the livelihoods of many people, especially in developed countries. This strengthens the populists: “There is a huge fear about the impact of artificial intelligence on all elections around the world,” says Carolina Klint (48) from insurance broker Marsh, at the presentation of the WEF’s Global Risks Report. And he warns: AI offers many opportunities, but companies also need to be aware of security and reputational risks.

In 2019, Greta Thunberg’s (21) debut at the WEF was the most notable event, but today it only evoked a tired smile from many people. Not just because of the deep collapse of the climate icon, but because all the other crises obscure the long-standing problem of climate change. If the world cannot achieve climate change, time is running out. Because extreme weather events threaten the entire planet.

All these global risks threaten the global economy. The growth in global wealth that has lifted many people out of poverty in recent years despite rising inequality.

Source :Blick

Tim

I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.