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Summary of Global Risk Reports 2021: A Comprehensive Overview

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The Global Risk Reports for 2021 highlight a looming series of risks that are expected to shape the future, from extreme weather events and climate action failures to digital power concentration and economic crises. This article provides a detailed summary of the key findings from these reports, discussing the highest likelihood and impact risks, and elaborating on the specific challenges facing youth and the global economy.

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Top Likelihood Risks: Extreme Weather, Climate Action Failures, and Digital Challenges

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Among the highest likelihood risks over the next decade, extreme weather, climate action failures, and human-led environmental damage stand out. These are followed by the digital challenges of digital power concentration, digital inequality, and cybersecurity failures. In the 3-5 year timeframe, economic risks such as asset bubbles, price instability, commodity shocks, and debt crises are of great concern. Geopolitical risks, including interstate relations and conflict and resource geopolitization, also feature prominently.

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Top Impact Risks: Infectious Diseases, Climate Action Failures, and Weapons of Mass Destruction

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In terms of impact, the most pressing risks for the next decade are infectious diseases, followed by climate action failures and other environmental risks, weapons of mass destruction, livelihood crises, debt crises, and IT infrastructure breakdown.

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5-10 Year Horizon: Environmental and Security Risks

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Looking further into the 5-10 year period, environmental risks such as biodiversity loss, natural resource crises, and climate action failures, along with weapons of mass destruction and the adverse effects of technology, and the collapse of states or multilateral institutions, are expected to be significant. Climate continues to be a major concern as global cooperation weakens, posing a continuous threat to future stability.

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Emerging Youth Crisis: Doubly Disrupted Generation in a Lost Opportunity Era

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A unique generation of youth is emerging during an era of lost opportunities. While some young adults have gained new opportunities through the digital leap forward, many are now entering a workforce that is facing an employment ice age. This generation of youth is facing serious challenges to their education, economic prospects, and mental health due to ongoing environmental degradation, the consequences of the financial crisis, rising inequality, and disruption from industrial transformation.

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According to the Global Risk Reports, the risk of 'youth disillusionment' is being largely neglected by the global community. If the current generation lacks adequate pathways to future opportunities and loses faith in economic and political institutions, hard-fought societal wins could be obliterated. This generation faces significant risks, and their support is crucial for the future stability and prosperity of the world.

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Economic and Geopolitical Risks

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The medium-term risks include the threat to the global economy from the knock-on effects of the coronavirus crisis, coupled with a critically fragile geopolitical stability over the next 5 to 10 years. These risks highlight the interconnectedness of global challenges and the need for collaborative and comprehensive approaches to address them.

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Conclusion

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The Global Risk Reports 2021 underscore the pressing need for action on a range of critical issues. From adapting to climate change and addressing digital inequalities to supporting the future of youth and stabilizing the global economy, these reports provide a roadmap for how to navigate the coming decade. The risks identified in these reports offer a stark reminder that the immediate actions taken today can have far-reaching consequences for our collective future.