World Economic Forum on future global risks & lessons from COVID-19

The World Economic Forum's Global Risks Report has long been a warning bell on potential risks that could impact the global economy. In 2006, the report highlighted health risks that could have significant economic consequences. Fast forward to the present day, and the world has experienced the stark reality of a global pandemic. Emilio Granados Franco, the Head of Global Risks & Geopolitical Agenda at the World Economic Forum, recently discussed the key findings of the latest edition of the report in an interview with CNBC Africa. The central theme of this year's report is the possibility of a 'better normal' post-COVID-19, identifying the need to mitigate the risk of social fractures. The COVID-19 pandemic has exacerbated existing global disparities, particularly in access to health, technology, and jobs. The report highlights four emerging risks that need to be addressed to prevent further social divides: the necessity to break down barriers to healthcare, strengthening job protection systems, addressing technology challenges, and improving the outlook for young people globally. While vaccine distribution offers hope for a recovery, addressing social factors is crucial for a sustainable crisis response. Looking ahead to 2021, the lessons learned from the COVID-19 pandemic are instrumental in preparing for future outbreaks. The pandemic tested political systems, government capacity, and supply chain resilience, emphasizing the importance of clear communication and public-private cooperation. Investing in resilience and anticipating long-term risks is essential for global preparedness. The report categorizes risks into three time frames: immediate impacts within the next two years, medium-term consequences in three to five years, and existential threats in five to ten years. It identifies challenges in technology, economic systems, and climate change that will require proactive global responses. Addressing global risks demands international cooperation, strengthening social cohesion, and building back better post-pandemic. The upcoming Davos Agenda will gather global leaders to discuss strategies for recovery and resilience, focusing on COVID-19 response, climate change, and promoting cooperation. Africa's experience with previous infectious diseases like Ebola highlights the importance of proactive preparedness and community resilience. Drawing lessons from past crises can help build stronger defenses against future global risks.