World Economic Forum predicts three more years of volatility

A World Economic Forum (WEF) survey found that most experts believe the global economy will remain volatile over the next three years as the world recovers from the COVID-19 pandemic.

According to the report released Tuesday, “only 11% of respondents thought the world would be characterized by an accelerating global recovery towards 2024, while 89% perceived the short-term outlook to be volatile, fractured, or increasingly catastrophic.”

Only 1 in 6 economic experts are optimistic about the global economy in general, while more than 1 in 5 expressed negative feelings about the future, according to the report.

“Pervasive pessimism could create a cycle of disillusionment that makes galvanizing action even more challenging,” the WEF wrote. 

An uneven global recovery from the pandemic is among the four top risks identified by experts, along with climate failure, growing social divides and heightened cyber risks.

WEF Managing Director Saadia Zahidi urged global leaders to cooperate in a coordinated response to these identified challenges in a statement along with the report. 

“Collaboration within societies and among the international community will be fundamental to ensure a more even and rapid global recovery. Global leaders must come together and adopt a coordinated multistakeholder approach to tackle unrelenting global challenges and build resilience ahead of the next crisis,” Zahidi said.

The report also notes livelihood crises and mental health deterioration as significant shorter-term global concerns.