World Economic Forum warns of long-term effects of Covid-19
JOHANNESBURG - THE WORLD Economic Forum (WEF) has warned of the long-term effects of the Covid-19 pandemic on the world’s economies as countries continue struggling to contain the second wave of infections.
In its Global Risks Report 2021 released yesterday, WEF said that the pandemic was increasing disparities and social fragmentation across the world.
WEF said the pandemic will threaten the global economy and weaken geopolitical stability in the next 5-10 years. The report highlighted concerns about infectious diseases, employment crises, digital inequality and youth disillusionment.
It said this would have knock-on economic and technological risks in the medium term, while manifesting existential threats in the long-term.
WEF managing director Saadia Zahidi said they had been highlighting the risks of a global pandemic since 2006, and it became a reality in 2020.
“We know how difficult it is for governments, business and other stakeholders to address such long-term risks, but the lesson is to recognise that ignoring them doesn’t make them less likely,” Zahidi said.