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Global Risks Report 2023 Published

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The World Economic Forum (WEF) in January 2023 published the 2023 edition of its yearly Global Risks Report.

Prepared with global broker Marsh McLennan and insurance carrier Zurich, the 98-page report covers issues such as renewed inflation; economic downturns and heightened economic competition; climate action (or lack thereof); and the increasing polarization of societies.

It also addresses areas of concern for the near future, including the pressure on natural ecosystems; recurring pandemics and chronic capacity challenges in healthcare; new weapons and new conflicts; privacy under (digital) attack; global debt as a disruptor of economic stability.

The report also highlights the interconnectedness of risks, although the diagram on page 10 of the report is slightly too simplistic to be useful for predictions. Indeed, the strength and direction of the relationships between the different risks are not elaborated, and the impact of human decisions are not considered, at least explicitly. Also, one would benefit from visually grouping risks that are strongly related, but of diverse types, rather than showing clusters based on the nature of the risks.

Nevertheless, as every year, the WEF GRR provides excellent food for thought for all those who are concerned in one way or another with risk management in the broadest sense of the term. And if you started 2023 full of optimism, this sobering read will bring you back to reality.

The full report can be downloaded here (no form to fill and 47,000 words to look forward to). And should you have plenty of time on your hands, we discussed the slightly more optimistic 2021 report in this piece two years ago.

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