Top Global Risk in 2024

The World Economic Forum (WEF) has done its annual survey involving leaders around the globe to assess their views and opinions on the biggest global risk in 2024. 

The record of global temperatures is leading to increasingly harmful natural impacts while the high cost-of-living is making everyday life harder people around the world is feeling the pinch. The escalating tensions in the Middle East are daunting as well and have the potential to widen into a broader regional conflict. Moreover, the year 2024 is also expected to be the world’s biggest election year ever with 4 billion people casting a vote across 60 countries and there are concerns of misinformation and polarization as the election dates drew nearer.

Based on the WEF survey, top leaders have singled out a few attributes where they see as the biggest global threat for this year i.e. extreme weather, misinformation and disinformation, cost-of-living crisis, geopolitical conflicts and so on from the top 20 risks listed out by WEF.

Extreme Weather

Extreme weather events are seen as the top threat by surveyed leaders, ranking second in overall severity for the next two years. Global economies are ill-prepared for the fallout from severe weather, which can disrupt food supplies and damage infrastructure on a large scale. Studies suggest irreversible damage to the planet could occur by the 2030s if temperatures continue to climb.

Misinformation & Disinformation

Misinformation is the second major concern, capable of eroding trust and widening political divides. It could also undermine elections worldwide, including those in the U.S., Russia, India, Mexico, and numerous other countries. Moreover, the advancement in AI-generated content can easily intensify the spread of misinformation, ranking as the most severe risk overall.

Societal Polarization

Societal polarization, fuelled by economic hardship and political tensions worsened by the pandemic, is another significant risk that the global leader is concerning. The conflict in the Middle East is severely impacting millions of lives, with the recent Lebanon attack raising fears of broader war. Interstate armed conflicts rank as the eighth-highest risk for the global economy in 2024, and the fifth-most severe.

What about Future Global Risk?

Other than the global risk ranking surveyed for 2024, WEF also took the opportunity to look into the future global risk from the surveyed leaders. Table below is the top 10 global risks by severity where environmental risks making up as top 5 in the severity ranking, followed by technology risk.

Source: WEF Global Risk Report 2024

According to their opinion, majority of the leaders believe that environmental risks will the top concerning global risk by 2034, which is just a decade away from now. The dominance of technological risks, including misinformation and the potential pitfalls associated with AI technologies, remains a prominent concern. AI’s capacity to significantly disrupt societal equilibrium is a cause for alarm, as it serves as a “force multiplier,” amplifying the capabilities of military systems and data analytics, thereby heightening existential risks.

From a broader perspective, key structural forces such as technological acceleration, climate change, shifts in geopolitical power, and a widening demographic divide are influencing global risks looking ahead. 

In conclusion, the next decade is poised to bring about profound changes that will test our ability to adapt to new circumstances. With a multitude of potential futures on the horizon, there is an opportunity to steer towards a more positive trajectory through proactive measures to address global risks. By taking decisive action now, we can shape a future that is more resilient and prosperous for all.