WEF: Geopolitical confrontation to continue to hamper progress in 2019

Economic confrontation between major powers is expected to continue to hamper progress throughout the year, with rising geopolitical and geo-economic tensions the most significant risk for 2019, according to the World Economic Forum’s latest Global Risks Report.

The world’s ability to foster collective action in the face of urgent major crises has reached crisis levels, with worsening international relations hindering action across a growing array of serious challenges, according to the report.

Meanwhile, rapidly evolving cyber and technological threats are the most significant potential blind spots for business and society, it says, warning that we still do not fully appreciate the vulnerability of networked societies.

The long-term that defines our age, however, is environmental degradation – with four of the top five most impactful global risks in 2019 related to climate.

Commenting on the findings of the report, president of Global Risk and Digital at Marsh, John Drzik, said: “Persistent underfunding of critical infrastructure worldwide is hampering economic progress, leaving businesses and communities more vulnerable both to cyber attacks and natural catastrophes, and failing to make the most of technological innovation.

"Allocating resources to infrastructure investment, in part through new incentives for public-private partnerships, is vital for building and strengthening the physical foundations and digital networks that will enable societies to grow and thrive.”

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