The World Economic Forum found that more than 80% of respondents expected either 'persistent crises' or 'multiple shocks' over the next two years, at best leading to 'divergent trajectories' for countries and at worst triggering 'catastrophic outcomes.'
Pedestrians walk along Wisconsin Avenue in the Georgetown neighborhood of Washington, Saturday, Feb. 6, 2010.Business executives, politicians and academics are bracing for a gloomy world battered by intersecting crises, as rising volatility and depleted resilience boost the odds of painful simultaneous shocks.
"No country is immune to social erosion caused by lack of affordability and availability of basic necessities," said Carolina Klint, risk management leader for continental Europe at Marsh McLennan, which partnered with WEF on the report. This reflects the message from the United Nations at its recent climate summit, which warned that nations are still way off track to limit global warming below the crucial threshold of 1.5 degrees Celsius, said John Scott, head of sustainability risk at Zurich Insurance Group, another WEF partner.
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