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The Global Risks Report 2021

The Global Risks Report 2021

weforum.org - ENCC :

In partnership with Marsh McLennan, SK Group and Zurich Insurance Group

The 16th edition of the World Economic Forum’s Global Risks Report analyses the risks from societal fractures—manifested through persistent and emerging risks to human health, rising unemployment, widening digital divides, youth disillusionment, and geopolitical fragmentation. Businesses risk a disorderly shakeout which can exclude large cohorts of workers and companies from the markets of the future. Environmental degradation—still an existential threat to humanity—risks intersecting with societal fractures to bring about severe consequences. Yet, with the world more attuned to risk, lessons can be drawn to strengthen response and resilience. In 2020, the risk of a pandemic became reality. As governments, businesses, and societies grapple with COVID-19, societal cohesion is more important than ever.

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EGYPT at The Global Risks Report 2021

The Global Risks Report 2021 issued by the World Economic Forum (WEF) does not provide a specific mention of Egypt as a country. However, there are several risks identified in the report that could impact Egypt either directly or indirectly, and are relevant to its geopolitical and economic context.

One of the main risks highlighted in the report is the continued impact of the COVID-19 pandemic, which has already affected Egypt's tourism industry, remittance flows, and foreign investment. The report warns that the pandemic could also exacerbate existing inequalities, which could lead to social and political instability in some countries, including Egypt.

In addition, the report warns of the growing threat of cyber attacks, which could disrupt Egypt's digital infrastructure and undermine the security of its critical sectors, such as energy and banking. Geopolitical tensions and trade disputes are also highlighted as risks that could affect Egypt's trade and investment flows and its access to international markets.

The report also underscores the urgent need to address climate change, which could have significant impacts on Egypt's agricultural sector, water resources, and coastal areas. The failure to address these risks could lead to irreversible damage to the environment and could undermine Egypt's long-term development prospects.

The economic risks identified in the report include the potential for a global debt crisis, which could impact Egypt's economy if it resulted in a decrease in international investment or a drop in oil prices. The report also highlights the risks of cyber attacks, which could affect Egypt's banking and financial sectors.

Environmental risks discussed in the report include the growing threat of extreme weather events, such as floods and droughts, which could impact Egypt's agriculture and water supply. Air pollution is also identified as a significant problem in Egypt's cities.

Finally, the report identifies societal risks, such as social inequality and political instability, which could impact Egypt's social and economic stability. The report emphasizes the need for governments to address these risks through effective policies and international collaboration.

In summary, the Global Risks Report 2021 highlights the complex and interconnected nature of global risks and the need for a coordinated and proactive approach to risk management to ensure the resilience and competitiveness of countries and economies around the world. Although Egypt was not specifically mentioned in the report, the risks identified have the potential to impact the country's economic growth and competitiveness if they are not effectively addressed.