Friday, September 18, 2020

How will the global economy after COVID? Worry picture in WEF’s risk report

published on: 19/05/2020 7:13 PM

The risk perspective also suggests that in the post-Covid world, there is also a possibility of cyber attacks and data fraud due to continuous changes in work patterns. According to the report, stringent restrictions on the cross-border movement of goods along with individuals can also come as a result of the epidemic.

  • Industries will not emerge soon in some countries
  • Fear of high level of structural unemployment

The risk perception of top professionals has predicted the biggest repercussions of the Covid-19, a prolonged slowdown in the global economy and massive unemployment.

The World Economic Forum (WEF) had asked over 300 international risk professionals to look into the likely situation for the next 18 months. They believe that after a prolonged recession and heavy unemployment (especially for the youth), the world economic crisis will be faced with effects such as bankruptcies of large and small-medium enterprises.

The WEF report warns that some industries and sectors in some countries will not emerge for the next year and a half. This report has been released under the name ‘Covid-19 Risk Vision: Early Assessment of its Effects’. The report identifies the epidemic as well as economic, a geopolitical, a technical and a social impact. The results of the epidemic have been reported in the report as high level of structural unemployment, weakening of financial condition of important economies, prolonged disruption of global supply chain, economic collapse of emerging or developing countries etc.

The risk perspective also suggests that in the post-Covid world, there is also a possibility of cyber attacks and data fraud due to continuous changes in work patterns. According to the report, stringent restrictions on the cross-border movement of goods along with individuals can also come as a result of the epidemic. The re-emergence of Covid in the near future or any other such epidemic is also included in the list of ten possible outcomes.

A long global recession has emerged as a major worry for businesses. But even more worrying is cyber security and data fraud for businesses. Experts have also raised the possibility of inflation in the post-Covid situation.

Experts worry that the impact of the epidemic on societies is going to be long-lasting. Peter Zigger, chief risk officer of the Zurich Insurance Group, says, “The epidemic will have long-term effects, as higher unemployment affects many things. Such as consumer confidence, wellbeing, etc. These will help the effectiveness of social security systems. Challenges. The results to be taken will determine how these risks or opportunities will take shape. “

However, some believe that this may be the time to look for opportunities amidst severe crisis. WEF Managing Director Saadia Zahidi says, “The crisis has devastated lives and livelihoods. Now we have a different opportunity to use this crisis. That is, we can do things differently and create better economies, which are more sustainable, flexible and inclusive. ” According to the WEF, if society uses the crisis and takes the right steps to make recovery through climate sensitive and sustainable initiatives, we can become stronger and come forward.

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