In an ever-evolving global landscape, understanding potential threats and opportunities becomes paramount. From immediate economic concerns to overarching environmental challenges, businesses and governments must stay prepared. The World Economic Forum’s recent findings underline these concerns, spotlighting urgent and long-term risks that demand our attention. And as these risks loom, businesses, particularly those in supply chain management, play a pivotal role in formulating and implementing effective responses. Delve into the intricacies of the report and discover how industry leaders, like SCG International, are redefining their strategies to navigate the complexities of our times.
In the World Economic Forum’s Global Risks Report 2023, 1,200 experts from across the world were polled. They believe that in the next 2 years, the cost-of-living crisis poses the largest short-term risk. However, over the next decade, the failure to combat climate change emerges as a greater threat. 6 of the top 10 long-term risks are related to climate, ranging from biodiversity loss and ecosystem collapse to large-scale involuntary migration. Experts say that much like the Polycrisis, climate change is a multifaceted problem.
To address this, governments, businesses, and the civil sector must collaborate. The report indicates that while 80% predict the polycrisis will dominate the next two years, only 50% believe it will remain a significant concern after a decade. Experts also suggest that addressing the Polycrisis can begin by:
- Keeping a long-term goal in sight
- Tackling climate change