Industry leaders concerned about global recession
Economic distress and social discontent will increase over the next 18 months unless leaders, businesses and policy makers around the world work together to manage the fallout from the pandemic. These are the conclusions of the Covid-19 Risk Overview report: an initial mapping and its implications, published this Tuesday by the World Economic Forum.
The report, produced in partnership with Marsh & McLennan and Zurich Insurance Group, brings together the views of nearly 350 risk specialists who have been asked to look into the next 18 months and rank their biggest concerns in terms of probability and impact for the world and for businesses.
The immediate economic benefits of Covid-19 predominate in the perception of risks for companies.
Two-thirds of respondents identified a “prolonged global recession” as the main concern for businesses. Half said bankruptcy and industry consolidation, failure of industries to recover and disruption of supply chains were crucial concerns.
With the accelerated digitization of the economy during this pandemic, cyber attacks and data fraud are also major threats – according to half of the respondents – while the breakdown of computer infrastructures and networks is also one of the main concerns. Geopolitical disruptions and tighter restrictions on the movement of people and goods are also at the top of the list.