Global Risks Report 2023 : Rising cost of living crisis in India

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Developed economies will also be adversely affected by social unrest and political instability

According to the World Economic Forum's Global Risks Report 2023, digital inequality, geopolitical competition for resources, cost of living crisis, debt crunch and natural disasters and extreme weather events are the biggest threats to India in the short and medium term.

The report states that the biggest threats globally in the short term (2 years) are livelihood crises, natural disasters and extreme weather events, geo-economic conflicts, failure to mitigate climate change and large-scale environmental damage. The greatest long-term (10 years) risks include failure to contain and adapt to climate change, loss of biodiversity, large-scale involuntary migration and depletion of natural resources.

With the beginning of 2023, the world is facing many threats. This includes both completely new and pre-existing risks. We have seen the return of old risks, including inflation, the crisis of livelihoods, trade wars, capital outflows from emerging markets, widespread social unrest, geopolitical conflicts and the specter of nuclear war. This generation of industry leaders and public policy makers is grappling with this.

The report said that old global risks have been reinforced by new developments. These include rising unsustainable levels of debt, a new era of low growth, low global investment and de-globalization, declining human development after decades of progress, rapid and uncontrolled development of dual-use (civilian and military) technologies, and climate change. All these factors combine to shape the next decade as unique, uncertain and turbulent.

Geopolitical competition and a tendency to care locally will increase economic barriers and increase both short- and long-term risks in the future. Energy, inflation, food and security crises have resurfaced due to the global pandemic and war in Europe.

The risks created by this will remain in place for the next 2 years and are the risk of recession, rising debt pressures and continuing cost of living, misleading and false news polarizing society, climate change risks. The economic impact of Corona and the war in Ukraine has ushered in an era of low growth and low investment amid skyrocketing inflation, rapid normalization of monetary policies.

Inflation has increased due to rising commodity prices. Meanwhile, additional cash was injected into economies to save businesses, with the situation looking dire with fears of a recession in advanced economies. Looking beyond the short term, climate change is the biggest threat the global economy will face, the report said. This is the challenge for which we are least prepared.

Damage to nature and climate change are intertwined. If there is a failure on one side, it affects the other side as well. Without policy change or investment, climate change will have devastating effects and damage biodiversity. This will threaten food security and accelerate the process of degradation through consumption of natural resources. This will threaten food supply and livelihoods,

The current food, fuel and cost crisis has increased social vulnerability. The impact of critical crises on the society has increased and it is affecting the livelihood of a wide section. It is destabilizing fragile economies. The economic impact is less on countries that can bear it, but many low-income countries are facing a variety of crises.


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