May 25, 2020 | 10:57 AM IST
world economic

World Economic body predicts socio-economic chaos in next 18-months due to Coronavirus

The World Economic Forum (WEF) has predicted that the economic distress and social discontent will escalate over the next one-and-a-half-year (18 months) unless there are consolidated efforts to manage the fallout of the ongoing Novel Coronavirus pandemic. The forum stated that the fallout deals with companies’ risk perceptions which could include and extended recession, stringent cross-border movement of goods and individuals and even collapse of emerging markets.

The report that was published, on Tuesday, states that nearly 350 senior risk-professional have ranked their concerns with regards to likelihood and impact for the world and business. The study specified an ‘extended global recession’, ‘high unemployment rate’, ‘another outbreak of the pandemic’ and a long worry-list for companies and global governments.

Managing director of WEF Saadia Zahidi said, “The crisis has devastated lives and livelihoods. It has triggered an economic crisis with far-reaching implications and revealed the inadequacies of the past.”

The report calls upon the global leaders to act fast and work on providing shock-absorbers for future calamities such as climate crisis, geopolitical upheavals, discrimination, mental health of people, health systems and technology governance. 

The study was carried out jointly by WEF’s Global Risks Advisory Board, world's leading professional services firm in the areas of risk, strategy and people - Marsh and McLennan Inc and a global insurer - Zurich Insurance Group. 

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