WEF warns businesses and households facing a 'polycrisis'

17 Jan 2023

In its latest Global Risks Report, the World Economic Forum (WEF) has warned that economies around the world are facing what it has dubbed a 'polycrisis', consisting of many concerning issues.

The WEF stated that energy and food supply problems have 'exacerbated' the cost-of-living crisis, and linked these problems to governments 'having failed to mitigate and adapt to climate change'. The organisation has called for bold leadership to 'embrace complex and holistic solutions' like food security and climate change together.

Turning to the issue of cybersecurity, the report suggested that geopolitical and economic uncertainty around the world is intensifying the threat of potentially catastrophic cyber-attacks, increasing the risk of businesses being targeted by criminals.

It stated that firms should improve their cyber literacy, communication and information sharing to help avoid being affected by cyber-attacks.

Commenting on the report, Saadia Zahidi, Managing Director of the WEF, said: 'Climate and human development must be at the core of concerns of global leaders, even as they battle current crises. Co-operation is the only way forward.'